ﺔﻴﺒﻌﺸﻟﺍ ﺔﻴﻃﺍﺮﻘﳝﺪﻟﺍ ﺔﻳﺮﺋﺍﺰﳉﺍ ﺔﻳﺭﻮﻬﻤﳉﺍ ﻲﻤﻠﻌﻟﺍ ﺚﺤﺒﻟﺍﻭ ﱄﺎﻌﻟﺍ ﻢﻴﻠﻌﺘﻟﺍ ﺓﺭﺍﺯﻭ ﻱﺭﻮﺘﻨﻣ ﺔﻌﻣﺎﺟ ـ ﺔﻨﻴﻄﻨﺴﻗ ﺔﻴﻠﻛ ﲑﻴﺴﺘﻟﺍ ﻡﻮﻠﻋﻭ ﺔﻳﺩﺎﺼﺘﻗﻻﺍ ﻡﻮﻠﻌﻟﺍ ﺺﺼﲣ : ﺕﺎﻨﻴﻣﺄﺗﻭ ﻙﻮﻨﺑ ةﺮﻛﺬﻣ ﺔﻠﻤﻜﻣ ﻟ ﻞﯿﻨ ةدﺎﮭﺷ ﻲﻓ ﺮﯿﺘﺴﺟﺎﻤﻟا ﻟا ﻌ ﻠ ﺔﯾدﺎﺼﺘﻗﻻا مﻮ ﻔﺼﻟﺍ ﺫﺎﺘﺳﻷﺍ ﻢﺳﺍ ﺔﺒﺗﺮﻟﺍ ﺔ ﺔﻴﻠﺻﻷﺍ ﺔﻌﻣﺎﳉﺍ ﺃ ﺎﺴﻴﺋﺭ ﻖﳊﺍ ﺪﺒﻋ ﺱﻭﺮﺘﻋﻮﺑ . ﺔﻨﻴﻄﻨﺴﻗ ﺔﻌﻣﺎﺟ ﺮﺿﺎﳏ ﺃ ﺍﺭﺮﻘﻣ ﺩﻮﻤﳏ ﻥﻮﻨﺤﺳ . ﺮﺿﺎﳏ ﺔﻨﻴﻄﻨﺴﻗ ﺔﻌﻣﺎﺟ ﺃ ﺍﻮﻀﻋ ﺪﻴﻌﻟﻮﺑ ﺝﻮﻠﻌﺑ . ﺔﻨﻴﻄﻨﺴﻗ ﺔﻌﻣﺎﺟ ﺮﺿﺎﳏ ﺃ ﺍﻮﻀﻋ ﺩﻮﻟﻮﻣ ﺔﺑﺍﺮﻌﻟ . ﺔﻨﻴﻄﻨﺴﻗ ﺔﻌﻣﺎﺟ ﺮﺿﺎﳏ ﺩﺍﺪـﻋﺇ ﻟﺍ ﺔﺒﻟﺎﻄ ﺫﺎﺘﺳﻷﺍ ﻑﺍﺮﺷﺇ ﺖﲢ ﯿﻤﺳ ﺮ ة ﻦﺴﺤﻣ د . نﻮﻨﺤﺳ دﻮﻤﺤﻣ ﻟﺍ ﺴ ﺔﻨ ﻴﻌﻣﺎﳉﺍ ﺔ 2005 ـ 2006
ﻘﺘﺸﻤﻟا
ـ
ﯿﻟﺎﻤﻟا تﺎ
ـ
ھرودو ﺔ
ـ
ﺎ
ﻓـ
ﯿﻄﻐﺗ ﻲ
ـ
ﻃﺎﺨﻣ ﺔ
ـ
قﻮﺴﻟا ﺮ
ﯿﻟﺎﻤﻟا
ﺔ
ـ
ﻚﻨﺒﻟﺍ ﺔﻟﺎﺣ ﺔﺳﺍﺭﺩ
BNP PARIBAS ـﻦﲪﺮﻟا ﷲا ﻢﺴﺑ
ﻢﯿﺣﺮﻟا
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ُﺀﺮﻤﻟﺍ ﻝﺍﺰﻳ ﺎﻣ
ﹶﻃ ﺎﻣ ﹰﺎﻤﻟﺎﻋ
ﻌﻟﺍ ﺐﻠ
،ﻢﻠ
ﻧﺃ ﻦﻇ ﻥﺈﻓ
ﻠﻋ ﻪ
ﹺﻬﺟ ﺪﻘﻓ ﻢ
ﻞ
«
ــھإ
ــ
ءاﺪ
ﻡﻼﺴﻟﺍ ﺎﻤﻬﻴﻠﻋ ﻥﺎﻤﻴﻠﺳﻭ ﺩﻭﺍﺩ ﻝﺎﻗ ﺎﻤﻛ ﻝﻮﻗﺃ ﻝﻭﻷﺍ ﻡﺎﻘﳌﺍ ﰲ
.."
ﷲ ﺪﻤﳊﺍ
ﲔﻨﻣﺆﳌﺍ ﻩﺩﺎﺒﻋ ﻦﻣ ﲑﺜﻛ ﻰﻠﻋ ﺎﻨﻠﻀﻓ ﻱﺬﻟﺍ
"
ﺔﻳﻵﺍ
15ﻞﻤﻨﻟﺍ ﺓﺭﻮﺳ ﻦﻣ
.
ﻝﻮﻗﺃ ﱐﺎﺜﻟﺍ ﻡﺎﻘﳌﺍ ﰲﻭ
:
ﱃﺇ
ﰊﺃ
ﻲﻣﺃ ﱃﺇ
ﱵﻠﺋﺎﻋ ﺩﺍﺮﻓﺃ ﻞﻛ ﱃﺇ
ﰐﺎﻘﻳﺪﺻﻭ ﻲﺋﺎﻗﺪﺻﺃ ﻞﻛ ﱃﺇ
ﱃﺇ
ﺎﳌﺍ ﺔﻌﻓﺩ ﰲ ﰐﻼﻴﻣﺯﻭ ﻲﺋﻼﻣﺯ ﻞﻛ
ﲑﺘﺴﺟ
2003ﺺﺼﲣ
ﺕﺎﻨﻴﻣﺄﺗﻭ ﻙﻮﻨﺑ
ﱃﺇ
ﻢﻠﻋ ﺐﻟﺎﻃ ﻞﻛ
.
ﻱﺪﻬﺟ ﺔﺻﻼﺧ ﻱﺪﻫﺃ
ﺸﺗ
ﻜ
ـــ
ـ
ﺮ
ﻦﻣ ﻪﻣﺪﻗ ﺎﻣ ﻰﻠﻋ ﺩﻮﻤﳏ ﻥﻮﻨﺤﺳ ﺭﻮﺘﻛﺪﻟﺍ ﻑﺮﺸﳌﺍ ﺫﺎﺘﺳﻷﺍ ﱃﺇ ﻞﻳﺰﳉﺍ ﺮﻜﺸﻟﺎﺑ ﻡﺪﻘﺗﺃ ﺚﺤﺒﻟﺍ ﺍﺬﻫ ﻡﺎﲤﻹ ﺢﺋﺎﺼﻧﻭ ﺕﺎﻬﻴﺟﻮﺗ . ﺓﺬﺗﺎﺳﻷﺍ ﻦﻣ ﻞﻛ ﻥﺎﻨﺘﻣﻻﺍﻭ ﺮﻜﺸﻟﺎﺑ ﺺﺧﺃ ﺎﻤﻛ : ﺩﺎﻘﻟﺍ ﺪﺒﻋ ﺖﺒﺴﻟﺍﻮﺑ ،ﻭﺩﺎﲪ ﻥﻮﻤﻌﻧ ﻦﺑﻭ ،ﺭ ﺍﲑﺧ ﷲﺍ ﻢﻫﺍﺯﺎﺟ ،ﱄ ﻱﻮﻨﻌﳌﺍ ﻢﻬﻤﻋﺩ ﻰﻠﻋﻭ ،ﺓﺮﻤﺘﺴﳌﺍ ﻢﺍﺪﻋﺎﺴﻣ ﻰﻠﻋ ﺪﲪﺃ ﺱﺍﺭﻮﺑﻭ . ﲑﻜﺑ ﺫﺎﺘﺳﻷﺍ ،ﺔﻴﺋﺍﺪﺘﺑﻻﺍ ﺔﻠﺣﺮﳌﺍ ﺫﺎﺘﺳﺃ ﻚﻟﺬﻛﻭ ﻲﻤﻠﻋ ﻞﺒﻘﺘﺴﲟ ﱄ ﺄﺒﻨﺗ ﺎﳌﺎﻃ ﻱﺬﻟﺍ ﻞﻳﻮﻄﻟﺍ ﺮﻫﺍﺯ .
ﺕﺎﻳﻮﺘﶈﺍ ﺱﺮﻬﻓ ﻉﻮﺿﻮﳌﺍ ﺔﺤﻔﺼﻟﺍ ﻣﺪﻘﻣ ـ ﺔ ... ... ... ﺃ -ﺟ
ﻝﻭﻷﺍ ﻞﺼﻔﻟﺍ
ﺎﺭﺍﺩﺇ ﻞﺒﺳﻭ ،ﻩﺮﻃﺎﳐ ،ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ
ﻝﻭﻷﺍ ﺚﺤﺒﳌﺍ
:
ﻩﺮﻃﺎﳐﻭ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ
... ... 2 ﻝﻭﻷﺍ ﺐﻠﻄﳌﺍ : ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ... ... 2 1 ـ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻡﻮﻬﻔﻣ ... ... 2 2 ـ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺕﺍﻭﺩﺃ ... ... 3 3 ـ ﺜﺘﺳﻻﺍ ﻕﺍﻮﺳﺃ ﱄﺎﳌﺍ ﺭﺎﻤ ) ﺔﻴﻟﺎﳌﺍ ﻕﺍﻮﺳﻷﺍ ( ... ... 6 ﱐﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ : ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺮﻃﺎﳐ ... ... 9 1 ـ ﺎﻤﻬﺳﺎﻴﻗ ﺔﻴﻔﻴﻛﻭ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺮﻃﺎﳐﻭ ﺪﺋﺎﻋ ... ... 9 2 ـ ﻒﻴﻨﺼﺗ ﺮﻃﺎﳐ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ... ... 14 3 ـ ﺔﻤﻈﺘﻨﳌﺍ ﺮﻃﺎﺨﳌﺍ ﺱﺎﻴﻗ ... ... 17ﱐﺎﺜﻟﺍ ﺚﺤﺒﳌﺍ
:
ﺮﻃﺎﺨﳌﺍ ﺓﺭﺍﺩﺇ ﻞﺒﺳ
... ... 23 ﻝﻭﻷﺍ ﺐﻠﻄﳌﺍ : ﺨﳌﺍ ﺓﺭﺍﺩﻹ ﺔﻳﺪﻴﻠﻘﺘﻟﺍ ﻞﺒﺴﻟﺍ ﺮﻃﺎ ... ... 23 1 ـ ﻊﻴﺒﻟﺎﺑ ﺮﻃﺎﺨﳌﺍ ﺭﺪﺼﻣ ﻦﻣ ﺺﻠﺨﺘﻟﺍ ... ... 23 2 ـ ﻊﻳﻮﻨﺘﻟﺍ ... ... ... 23 3 ـ ﲔﻣﺄﺘﻟﺍ ... ... ... 24 4 ـ ﻡﻮﺼﳋﺍﻭ ﻝﻮﺻﻷﺍ ﲔﺑ ﱄﺎﳌﺍ ﻥﺯﺍﻮﺘﻟﺍ ﺓﺭﺍﺩﺇ ... ... 25 ﱐﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ : ﺮﻃﺎﺨﳌﺍ ﺓﺭﺍﺩﻹ ﺔﺜﻳﺪﳊﺍ ﻞﺒﺴﻟﺍ ... ... 26 1 ـ ﺔﻴﻄﻐﺘﻟﺍ ﻒﻳﺮﻌﺗ ... ... 27 2 ـ ﺔﻴﻄﻐﺘﻟﺍ ﺓﺭﻭﺮﺿ ... ... 28 3 ـ ﺔﻴﻄﻐﺘﻠﻟ ﺔﻴﺳﺎﺳﻷﺍ ﺕﺍﺭﺎﺒﺘﻋﻻﺍ ... ... 29 ﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ ﺚﻟ : ﺮﻃﺎﺨﳌﺍ ﺓﺭﺍﺩﺇ ﺕﺎﺒﻠﻄﺘﻣ ... ... 311 ـ ﺮﻃﺎﺨﳌﺍ ﺔﻌﻴﺒﻃ ﻰﻠﻋ ﻑﻮﻗﻮﻟﺍ ... ... 32 2 ـ ﺮﻃﺎﺨﳌﺍ ﻢﺠﺣ ﺱﺎﻴﻗ ... ... 33
ﺚﻟﺎﺜﻟﺍ ﺚﺤﺒﳌﺍ
:
ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ
... ... 34 ﻝﻭﻷﺍ ﺐﻠﻄﳌﺍ : ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻡﻮﻬﻔﻣ ... ... 35 1 ـ ﻒﻳﺮﻌﺗ ... ... ... 35 2 ـ ﺔﻴﺴﻴﺋﺮﻟﺍ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ... ... 36 ﱐﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ : ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻕﺍﻮﺳﺃ ... ... 38 1 ـ ﺘﺸﳌﺍ ﻕﺍﻮﺳﺃ ﺭﻮﻄﺗ ﺕﺎﻘ ... ... 38 2 ـ ﺕﺎﻘﺘﺸﳌﺍ ﻕﺍﻮﺳﺃ ﻉﺍﻮﻧﺃ ... ... 41 3 ـ ﺕﺎﻘﺘﺸﳌﺍ ﻕﺍﻮﺳﺃ ﰲ ﲔﻠﺧﺪﺘﳌﺍ ﻉﺍﻮﻧﺃ ... ... 42 ﺚﻟﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ : ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﺔﻴﳘﺃ ... ... 43 1 ـ ﺮﻃﺎﺨﳌﺍ ﺪﺿ ﺔﻴﻄﻐﺘﻟﺍ ... ... 43 2 ـ ﺮﺿﺎﳊﺍ ﻕﻮﺴﻟﺍ ﰲ ﻊﻗﻮﺘﳌﺍ ﺮﻌﺴﻟﺍ ﻑﺎﺸﻜﺘﺳﻻ ﺓﺍﺩﺃ ... 45 3 ـ ﺔﻳﺪﻘﻨﻟﺍ ﺕﺎﻘﻓﺪﺘﻟﺍ ﻂﻴﻄﺨﺘﻟ ﻞﻀﻓﺃ ﺔﺻﺮﻓ ﺔﺣﺎﺗﺇ ... ... 46 4 ـ ﺜﺘﺳﺍ ﺹﺮﻓ ﺔﺣﺎﺗﺇ ﲔﺑﺭﺎﻀﻤﻠﻟ ﺔﻳﺭﺎﻤ ... ... 46 5 ـ ﺪﻗﺎﻌﺘﻟﺍ ﻞﳏ ﻝﻮﺻﻷﺍ ﻰﻠﻋ ﻞﻣﺎﻌﺘﻟﺍ ﻂﻴﺸﻨﺗﻭ ﲑﺴﻴﺗ ... . 47 6 ـ ﺔﻳﺭﺎﻤﺜﺘﺳﻻﺍ ﺕﺎﻴﺠﻴﺗﺍﺮﺘﺳﻻﺍ ﺬﻴﻔﻨﺗ ﺔﻋﺮﺳ ... ... 48 7 ـ ﻕﻮﺴﻠﻟ ﻝﺎﻤﻜﻟﺍ ﺔﲰ ﻖﻴﻘﲢ ... ... 49 ﻊﺑﺍﺮﻟﺍ ﺐﻠﻄﳌﺍ : ﺕﺎﻣﺯﻷﺍ ﻖﻠﺧ ﰲ ﺎﻬﺘﳘﺎﺴﻣﻭ ﺔﻴﻟﺎﳌﺍ ﺕﺎﻘﺘﺸﳌﺍ ﺮﻃﺎﳐ ... 49 1 ـ ﺔﻴﻟﺎﳌﺍ ﺕﺎﻘﺘﺸﳌﺍ ﰲ ﻞﻣﺎﻌﺘﻟﺍ ﺮﻃﺎﳐ ... ... 49 2 ـ ﻣ ﺔﳘﺎﺴ ﺕﺎﻣﺯﻷﺍ ﻖﻠﺧ ﰲ ﺔﻴﻟﺎﳌﺍ ﺕﺎﻘﺘﺸﳌﺍ ... ... 51 3 ـ ﺕﺎﻘﺘﺸﳌﺍ ﰲ ﻑﺭﺎﺼﳌﺍ ﺔﻄﺸﻧﺃ ﻰﻠﻋ ﺔﻤﻴﻠﺴﻟﺍ ﺔﺑﺎﻗﺮﻟﺍ ،ﺕﺎﻘﺘﺸﳌﺍ ﻦﻣ ﻝﺯﺎﺑ ﺔﻨﳉ ﻒﻗﻮﻣ . 54 ـ ﺧ ﻼ ﺻ ﺔ ﻝﻭﻷﺍ ﻞﺼﻔﻟﺍ ... ... 59ﱐﺎﺜﻟﺍ ﻞﺼﻔﻟﺍ
ﺎﻬﻴﻓ ﻞﻣﺎﻌﺘﻟﺍ ﺕﺎﻴﺠﻴﺗﺍﺮﺘﺳﺍﻭ ﺔﻴﻟﺎﳌﺍ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻉﺍﻮﻧﺃ
ﻝﻭﻷﺍ ﺚﺤﺒﳌﺍ
:
ﺔﻴﻟﺎﳌﺍ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻉﺍﻮﻧﺃ
... ...ﻝﻭﻷﺍ ﺐﻠﻄﳌﺍ : ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍﻭ ﺔﻠﺟﻵﺍ ﺩﻮﻘﻌﻟﺍ ... ... 61 1 ـ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ﺔﻴﻫﺎﻣ ... ... 61 2 ـ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ﻕﻮﺳ ﻢﻴﻈﻨﺗ ... ... 63 3 ـ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ﺕﺎﲰ ... ... 67 ﱐﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ : ﺕﺍﺭﺎﻴﳋﺍ ... ... 74 1 ـ ﺕﺍﺭﺎﻴﳋﺍ ﺩﻮﻘﻋ ﺔﻴﻫﺎﻣ ... ... 74 2 ـ ﺭﺎﻴﺘﺧﻻﺍ ﺩﻮﻘﻌﻟ ﺔﻣﺎﻌﻟﺍ ﺕﺎﻤﺴﻟﺍ ... ... 82 ﺚﻟﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ : ﺒﳌﺍ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻌﻟ ﻯﺮﺧﺃ ﻉﺍﻮﻧﺃﻭ ﺕﻻﺩﺎ ... 85 1 ـ ﺕﻻﺩﺎﺒﳌﺍ ... ... .... 85 2 ـ ﺔﺒﻳﺮﻐﻟﺍ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋﻭ ﺔﻨﻴﺠﳍﺍ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ... 89 3 ـ ﺽﻭﺮﻘﻟﺍ ﺕﺎﻘﺘﺸﻣ ... ... 91
ﺎﺜﻟﺍ ﺚﺤﺒﳌﺍ
ﱐ
:
ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﰲ ﻞﻣﺎﻌﺘﻟﺍ ﺕﺎﻴﺠﻴﺗﺍﺮﺘﺳﺍ
... 94 ﻝﻭﻷﺍ ﺐﻠﻄﳌﺍ :ﺍ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ﰲ ﻞﻣﺎﻌﺘﻟﺍ ﺕﺎﻴﺠﻴﺗﺍﺮﺘﺳ ... 94 1 ـ ﻌﻟﺍ ﺕﺎﻣﺍﺪﺨﺘﺳﺍ ﺔﻴﻄﻐﺘﻟﺍ ﰲ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘ ... ... 94 2 ـ ﺔﺑﺭﺎﻀﻤﻠﻟ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ﻡﺍﺪﺨﺘﺳﺍ ... ... 101 ﱐﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ : ﺭﺎﻴﺘﺧﻻﺍ ﺩﻮﻘﻋ ﰲ ﻞﻣﺎﻌﺘﻟﺍ ﺕﺎﻴﺠﻴﺗﺍﺮﺘﺳﺍ ... ... 106 1 ـ ﺔﻄﻴﺴﺒﻟﺍ ﺕﺎﻴﺠﻴﺗﺍﺮﺘﺳﻻﺍ ... ... 107 2 ـ ﺳﺍ ﺪﺣﺍﻭ ﺭﺎﻴﺘﺧﺍ ﻰﻠﻋ ﻡﻮﻘﺗ ﺕﺎﻴﺠﻴﺗﺍﺮﺘ ... ... 112 3 ـ ﺕﺍﺭﺎﻴﺘﺧﻻﺍ ﻦﻣ ﺔﻠﻴﻜﺸﺗ ﻦﻤﻀﺘﺗ ﺕﺎﻴﺠﻴﺗﺍﺮﺘﺳﺍ ... ... 118 4 ـ ﺗﺍﺮﺘﺳﺍ ﺔﻈﻔﶈﺍ ﲔﻣﺄﺗ ﺔﻴﺠﻴ ... ... 128 ـ ﺧ ﻼ ﺻ ﺔ ﱐﺎﺜﻟﺍ ﻞﺼﻔﻟﺍ ... ... 130ﺚﻟﺎﺜﻟﺍ ﻞﺼﻔﻟﺍ
ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻝﺎﻤﻌﺘﺳﺎﺑ ﺮﻃﺎﺨﳌﺍ ﺔﻴﻄﻐﺗ
ﻝﻭﻷﺍ ﺚﺤﺒﳌﺍ
:
ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﲑﻌﺴﺗ
... ... 132 ﻝﻭﻷﺍ ﺐﻠﻄﳌﺍ : ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ﲑﻌﺴﺗ ... ... 132 1 ـ ﺮﺿﺎﳊﺍ ﻕﻮﺴﻟﺍ ﰲ ﺮﻌﺴﻟﺍﻭ ﻲﻠﺒﻘﺘﺴﳌﺍ ﺪﻘﻌﻟﺍ ﺮﻌﺳ ﲔﺑ ﺔﻗﻼﻌﻟﺍ ... 1322 ـ ﺢﻴﺟﺮﺘﻟﺍ ﺃﺪﺒﻣ ... ... 132 3 ـ ﻰﻠﻋ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ﲑﻌﺴﺗ ﺮﺿﺎﳊﺍ ﻕﻮﺴﻟﺍ ﰲ ﺔﻟﻭﺍﺪﺘﻣ ﻝﻮﺻﺃ ... 133 4 ـ ﺮﺿﺎﳊﺍ ﻕﻮﺴﻟﺍ ﰲ ﺎﳍﻭﺍﺪﺗ ﻢﺘﻳ ﻻ ﻝﻮﺻﺃ ﻰﻠﻋ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ﲑﻌﺴﺗ ... 140 5 ـ ﺱﺎﺳﻷﺍ ... ... ... 140 ﱐﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ : ﺕﺍﺭﺎﻴﳋﺍ ﺩﻮﻘﻋ ﲑﻌﺴﺗ ... ... 141 1 ـ ﺭﺎﻴﳋﺍ ﺮﻌﺳ ﺕﺍﺩﺪﳏﻭ ﺩﻭﺪﺣ ... ... 141 2 ـ ﲑﻌﺴﺗ ﺝﺫﺎﳕ ﺕﺍﺭﺎﻴﳋﺍ ... ... 143
ﱐﺎﺜﻟﺍ ﺚﺤﺒﳌﺍ
:
ﺕﺍﻭﺩﻷﺍ ﻝﺎﻤﻌﺘﺳﺎﺑ ﺮﻃﺎﺨﳌﺍ ﺔﻴﻄﻐﺗ
ﻢﻬﺳﻷﺍ ﻰﻠﻋ ﺔﻘﺘﺸﳌﺍ
ﺕﺍﺮﺷﺆﻣ ﻰﻠﻋﻭ
ﺔﺻﺭﻮﺒﻟﺍ
... ... 160 ﳌﺍ ﻝﻭﻷﺍ ﺐﻠﻄ : ﺕﺍﺮﺷﺆﳌﺍ ﻰﻠﻋ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ... ... 160 1 ـ ﺕﺍﺮﺷﺆﳌﺍ ﻰﻠﻋ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ﺔﻴﻫﺎﻣ ... ... 161 2 ـ ﻘﻌﻟﺍ ﻡﺍﺪﺨﺘﺳﺎﺑ ﺔﻴﻄﻐﺘﻟﺍ ﻮ ﻢﻬﺳﻷﺍ ﺕﺍﺮﺷﺆﻣ ﻰﻠﻋ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩ ... 163 ﱐﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ : ﻢﻬﺳﻷﺍ ﻰﻠﻋ ﺕﺍﺭﺎﻴﳋﺍ ... ... 168 1 ـ ﻢﻬﺳﻷﺍ ﻰﻠﻋ ﺕﺍﺭﺎﻴﳋﺍ ﻢﻴﻴﻘﺗ ... ... 169 2 ـ ﺔﻈﻔﶈﺍ ﺓﺭﺍﺩﺇ ﻭ ﻢﻬﺳﻷﺍ ﻰﻠﻋ ﺕﺍﺭﺎﻴﳋﺍ ... ... 172 ﺚﻟﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ : ﺕﺍﺮﺷﺆﳌﺍ ﻰﻠﻋ ﺕﺍﺭﺎﻴﳋﺍ ... ... 177 1 ـ ﻒﻳﺮﻌﺘﻟﺍﻭ ﺓﺄﺸﻨﻟﺍ ... ... 177 2 ـ ﺕﺍﺮﺷﺆﳌﺍ ﻰﻠﻋ ﺕﺍﺭﺎﻴﳋﺍ ﻡﺍﺪﺨﺘﺳﺎﺑ ﺔﻴﻄﻐﺘﻟﺍ ... ... 177ﺚﻟﺎﺜﻟﺍ ﺚﺤﺒﳌﺍ
:
ﻄﺧ ﺔﻴﻄﻐﺗ
ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻝﺎﻤﻌﺘﺳﺎﺑ ﺓﺪﺋﺎﻔﻟﺍ ﺮﻌﺳ ﺮ
... 180 ﻝﻭﻷﺍ ﺐﻠﻄﳌﺍ : ﺓﺪﺋﺎﻔﻟﺍ ﺭﺎﻌﺳﺃ ﻰﻠﻋ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ... ... 180 1 ـ ﻞﺟﻷﺍ ﺓﲑﺼﻗ ﺓﺪﺋﺎﻔﻟﺍ ﺭﺎﻌﺳﺃ ﻰﻠﻋ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ... 180 2 ـ ﺔﻄﺳﻮﺘﻣ ﺓﺪﺋﺎﻔﻟﺍ ﺭﺎﻌﺳﺃ ﻰﻠﻋ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ﺔﻠﻳﻮﻃﻭ ﻞﺟﻷﺍ ... 183 ﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ ﱐ : ﻟﺍ ﺭﺎﻌﺳﺃ ﻰﻠﻋ ﺕﺍﺭﺎﻴﳋﺍ ﺩﻮﻘﻋ ﺓﺪﺋﺎﻔ ... ... 189 1 ـ ﻒﻳﺮﻌﺗ ... ... ... 189 2 ـ ﺕﺍﺪﻨﺴﻟﺍ ﻰﻠﻋ ﺕﺍﺭﺎﻴﳋﺍ ﻢﻴﻴﻘﺗ ... ... 189 ﺓﺪﺋﺎﻔﻟﺍ ﺭﺎﻌﺳﺃ ﻰﻠﻋ ﺕﺍﺭﺎﻴﳋﺍ ﺩﻮﻘﻋ ﻝﺎﻤﻌﺘﺳﺎﺑ ﺔﻴﻄﻐﺘﻟﺍ ...ﺐﻠﻄﳌﺍ ﺚﻟﺎﺜﻟﺍ : ﺓﺪﺋﺎﻔﻟﺍ ﺭﺎﻌﺳﺃ ﺕﻻﺩﺎﺒﻣ ... ... 191 1 ـ ﺓﲑﻐﺘﳌﺎﺑ ﺔﺘﺑﺎﺜﻟﺍ ﺓﺪﺋﺎﻔﻟﺍ ﺭﺎﻌﺳﺃ ﺔﻟﺩﺎﺒﻣ ﺩﻮﻘﻋ ... ... 191 2 ـ ﻝﺪﻌﻣ ﺕﺍﺫ ﺔﻴﻟﺎﳌﺍ ﻕﺍﺭﻭﻷﺍ ﻰﻠﻋ ﺔﻟﺩﺎﺒﳌﺍ ﺩﻮﻘﻋ ﺪﻴﻘﳌﺍ ﲑﻏﻭ ﲑﻐﺘﳌﺍ ﺓﺪﺋﺎﻔﻟﺍ ... 194 3 ـ ﺪﻴﻘﻣﻭ ﲑﻐﺘﻣ ﺓﺪﺋﺎﻔﻟﺍ ﻝﺪﻌﻣ ﺕﺍﺫ ﺔﻴﻟﺎﳌﺍ ﻕﺍﺭﻭﻷﺍ ﻰﻠﻋ ﺔﻟﺩﺎﺒﳌﺍ ﺩﻮﻘﻋ ... 195 4 ـ ﺔﻄﻠﺘﺨﳌﺍ ﺔﻟﺩﺎﺒﳌﺍ ﺩﻮﻘﻋ ... ... 197
ﻊﺑﺍﺮﻟﺍ ﺚﺤﺒﳌﺍ
:
ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻝﺎﻤﻌﺘﺳﺎﺑ ﻑﺮﺼﻟﺍ ﺮﻌﺳ ﺮﻄﺧ ﺔﻴﻄﻐﺗ
ﺕﻼﻤﻌﻟﺍ ﻰﻠﻋ
... ... 198 ﻝﻭﻷﺍ ﺐﻠﻄﳌﺍ : ﺕﻼﻤﻌﻟﺍ ﻰﻠﻋ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ... ... 198 1 ـ ﺔﻠﺟﻵﺍ ﻑﺮﺼﻟﺍ ﺕﺎﻴﻠﻤﻋ ... ... 198 2 ـ ﺕﻼﻤﻌﻟﺍ ﻰﻠﻋ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ﻒﻳﺮﻌﺗﻭ ﺓﺄﺸﻧ ... ... 200 3 ـ ﺕﻼﻤﻌﻟﺍ ﻰﻠﻋ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ﻢﻴﻴﻘﺗ ... ... 200 4 ـ ﺕﻼﻤﻌﻟﺍ ﻰﻠﻋ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ﻝﺎﻤﻌﺘﺳﺎﺑ ﺔﻴﻄﻐﺘﻟﺍ ... 201 ﱐﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ : ﺕﻼﻤﻌﻟﺍ ﻰﻠﻋ ﺕﻻﺩﺎﺒﳌﺍ ﻭ ﺕﺍﺭﺎﻴﳋﺍ ... ... 202 1 ـ ﺕﻼﻤﻌﻟﺍ ﻰﻠﻋ ﺕﺍﺭﺎﻴﳋﺍ ... ... 202 2 ـ ﺕﻼﻤﻌﻟﺍ ﺕﻻﺩﺎﺒﻣ ... ... 207 ﺧ ﻼ ﺻ ﺔ ﺚﻟﺎﺜﻟﺍ ﻞﺼﻔﻟﺍ ... ... 214ﻊﺑﺍﺮﻟﺍ ﻞﺼﻔﻟﺍ
)
ﻲﻘﻴﺒﻄﺘﻟﺍ
(
ﻚﻨﺒﻟﺍ ﺔﻟﺎﺣ ﺔﺳﺍﺭﺩ
BNP PARIBASﻝﻭﻷﺍ ﺚﺤﺒﳌﺍ
:
ﻚﻨﺒﻟﺍ
BNP PARISﺎﳍ ﺽﺮﻌﺘﻳ ﱵﻟﺍ ﺮﻃﺎﺨﳌﺍﻭ
... 217 ﻝﻭﻷﺍ ﺐﻠﻄﳌﺍ : ﻚﻨﺒﻟﺎﺑ ﻒﻳﺮﻌﺘﻟﺍ BNP PARIS ... ... 217 1 ـ ﻚﻨﺒﻟﺍ ﺓﺄﺸﻧ BNP PARIBAS ... ... 217 2 ـ ﻚﻨﺒﻟﺍ BNP PARIBAS ﻪﻴﳘﺎﺴﻣﻭ ... ... 222 3 ـ ﻚﻨﺒﻟﺍ ﻁﺎﺸﻧ ... ... . 228 4 ـ ﻡﺎﻌﻟﺍ ﻝﻼﺧ ﻚﻨﺒﻟﺍ ﻁﺎﺸﻧ ﺞﺋﺎﺘﻧ 2005 ... ... 232 5 ـ ﻚﻨﺒﻟﺍ ﺔﻴﻧﺍﺰﻴﻣ ... ... . 232 ﱐﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ : ﻚﻨﺒﻟﺍ ﺎﳍ ﺽﺮﻌﺘﻳ ﱵﻟﺍ ﺮﻃﺎﺨﳌﺍ ﺔﻌﻴﺒﻃ BNP PARIS ... 2341 ـ ﺽﺮﻘﻟﺍ ﺮﻄﺧ ... ... . 234 2 ـ ﻕﻮﺴﻟﺍ ﺮﻃﺎﳐ ... ... 238 3 ـ ﻲﻠﻴﻐﺸﺘﻟﺍ ﺮﻄﳋﺍ ... ... 241 4 ـ ﲔﻣﺄﺘﻟﺍ ﺮﻄﺧ ... ... . 241
ﱐﺎﺜﻟﺍ ﺚﺤﺒﳌﺍ
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ﻚﻨﺒﻟﺍ ﻯﺪﻟ ﻕﻮﺴﻟﺍ ﺮﻃﺎﳐ ﺔﻴﻄﻐﺗ
BNP PARIS ... 245 ﻝﻭﻷﺍ ﺐﻠﻄﳌﺍ : ﻚﻨﺒﻟﺍ ﻯﺪﻟ ﻕﻮﺴﻟﺍ ﺮﻃﺎﳐ ﺔﻴﻄﻐﺗ ﺕﺍﻭﺩﺃ BNP PARIS ... 245 1 ـ ﻚﻨﺒﻟﺍ ﻯﺪﻟ ﺔﻴﻄﻐﺘﻟﺍ ﻞﳏ ﻝﻮﺻﻷﺍ ... ... 245 2 ـ ﺔﻴﻄﻐﺘﻟﺍ ﰲ ﻚﻨﺒﻟﺍ ﻑﺮﻃ ﻦﻣ ﺔﻠﻤﻌﺘﺴﳌﺍ ﺔﻘﺘﺸﳌﺍ ﺔﻴﻟﺎﳌﺍ ﺕﺍﻭﺩﻷﺍ ... 246 ﱐﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ : ﻕﻮﺴﻟﺍ ﺮﻃﺎﳐ ﺔﻴﻄﻐﺗ ﺔﻴﻟﺎﻌﻓ ﺱﺎﻴﻗ ﺑ ﻝﺎﻤﻌﺘﺳﺎ ﻚﻨﺒﻟﺍ ﻯﺪﻟ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ... 248 1 ـ ﻂﻴﺴﺒﻟﺍ ﺭﺍﺪﳓﻻﺍ ﺝﺫﻮﳕ ﺕﺎﻴﺿﺮﻓ ... ... 249 2 ـ ﺝﺫﻮﻤﻨﻟﺍ ﺀﺎﻨﺑ ﺕﺍﻮﻄﺧ ... ... 250 ـ ﻼﺧ ﺻ ﺔ ﻲﻘﻴﺒﻄﺘﻟﺍ ﻞﺼﻔﻟﺍ ... ... 255 ﺔـﲤﺎﳋﺍ ... ... ... 256 ﻊﺟﺍﺮﳌﺍ ﺔﻤﺋﺎﻗ ... ... ... 261 ﻝﻭﺍﺪﳉﺍ ﺱﺮﻬﻓ ... ... ... 264 ﻝﺎﻜﺷﻷﺍ ﺱﺮﻬﻓ ... ... ... 265 ﻖﺣﻼﳌﺍ ... ... ... 266ﺔﻣﺪــﻘﻣ : ﱀﺎﺼﻟ ﻱﺃ ،ﺔﻴﻜﻨﺒﻟﺍ ﺔﻃﺎﺳﻮﻟﺍ ﱀﺎﺼﻟ ﻦﻣﺰﻟﺍ ﻦﻣ ﻥﻭﺮﻘﻟ ﺩﺎﺼﺘﻗﻻﺍ ﻞﻳﻮﲤ ﰲ ﺓﺩﺎﻳﺮﻟﺍ ﺖﻧﺎﻛ ﺪﻘﻟ ﺮﺷﺎﺒﻣ ﲑﻐﻟﺍ ﻞﻳﻮﻤﺘﻟﺍ . ﻭ ﻮﻤﻨﻟﺍ ﻊﻣ ﻭ ،ﱂﺎﻌﻟﺍ ﰲ ﻞﺻﺎﳊﺍ ﻱﺩﺎﺼﺘﻗﻻﺍ ﺭﻮﻄﺘﻟﺍ ﻭ ﺕﺎﺴﺳﺆﳌﺍ ﺩﺪﻌﺗ ﺔﻳﺩﺎﺼﺘﻗﻻﺍ ﻭ ﱀﺎﺼﻟ ﻲﺿﺎﳌﺍ ﻥﺮﻘﻟﺍ ﺔﻳﺎ ﻊﻣ ﻱﺭﺪﺟ ﲑﻴﻐﺗ ﺙﺪﺣ ،ﺎﻬﻴﻓ ﺕﻼﻣﺎﻌﳌﺍ ﻢﺠﺣ ﺓﺩﺎﻳﺯ ﻞﻳﻮﻤﺘﻟﺍ ،ﺔﻴﻟﺎﳌﺍ ﻕﺍﻮﺳﻷﺍ ﻖﻳﺮﻃ ﻦﻋ ﻢﺘﻳ ﻱﺬﻟﺍ ﺮﺷﺎﺒﳌﺍ ﻭ ﺕﺍﺮﺧﺪﳌﺍ ﺔﺌﺒﻌﺗ ﻰﻠﻋ ﺓﲑﺒﻜﻟﺍ ﺎﺭﺪﻘﻟ ﻚﻟﺫ ﻭ ﺎﻬﻬﻴﺟﻮﺗ ﺔﻳﺩﺎﺼﺘﻗﻻﺍ ﺔﻴﻤﻨﺘﻟﺍ ﻡﺪﳜ ﻱﺬﻟﺍ ﻢﻴﻠﺴﻟﺍ ﻪﻴﺟﻮﺘﻟﺍ . ﻞﻳﻮﻤﺘﻟﺍ ﰲ ﻝﺎﳌﺍ ﻕﺍﻮﺳﺃ ﺔﻴﳘﺃ ﻦﻣ ﻢﻏﺮﻟﺎﺑﻭ ﻭ ﺕﺪﺘﺷﺍ ﺮﻃﺎﺨﲟ ﺖﻄﺒﺗﺭﺍ ﺎﺃ ﻻﺇ ،ﺭﺎﻤﺜﺘﺳﻻﺍ ﺗ ﰲ ﻞﺜﻤﺘﺗ ،ﺕﺎﻨﻴﻌﺒﺴﻟﺍ ﺬﻨﻣ ﺎﺪﺣ ،ﻑﺮﺼﻟﺍ ﺭﺎﻌﺳﺃ ،ﺓﺪﺋﺎﻔﻟﺍ ﺕﻻﺪﻌﻣ ﺕﺎﺒﻠﻘ ﻭ ﻢﻬﺳﻷﺍ ﺭﺎﻌﺳﺃ . ﻭ ﺪﻗ ﺔﻴﻟﺎﳌﺍ ﻕﺍﻮﺳﻷﺍ ﻝﻼﺧ ﻦﻣ ﻞﻳﻮﻤﺘﻟﺍ ﱃﺇ ﺀﻮﺠﻠﻟﺍ ﺪﻳﺍﺰﺗ ﻊﻣ ﺕﺎﻨﻴﻌﺴﺘﻟﺍ ﺬﻨﻣ ﺮﻃﺎﺨﳌﺍ ﻩﺬﻫ ﺖﻤﻗﺎﻔﺗ ﺔﻴﻟﻭﺪﻟﺍ . ﻭ ﻝﻭﺪﻟﺍ ﻕﺍﻮﺳﺃ ﱃﺇ ﻕﻮﺳ ﻦﻣ ﻝﻼﺘﺧﻻﺍ ﻝﺎﻘﺘﻧﺍ ﻰﻠﻋ ﻕﺍﻮﺳﻷﺍ ﻩﺬﻫ ﲔﺑ ﻂﺑﺍﺮﺘﻟﺍ ﺪﻋﺎﺳ ﺪﻗ ﺓﲑﺒﻛ ﺔﻋﺮﺴﺑ ﻯﺮﺧﻷﺍ . ﻭ ﺑ ﺙﺪﺣ ﺎﻣ ﻮﻫ ﻴﻟﺎﳌﺍ ﻕﺍﻮﺳﻷﺍ ﻪﺗﺪﻬﺷ ﻱﺬﻟﺍ ﺭﺎﻴﻼﻟ ﺔﺒﺴﻨﻟﺎ ـ ﰲ ﺔﻳﻮﻴﺳﻵﺍ ﺔ ﻡﺎﻋ 1998 . ﻞﺸﻓ ﺪﻘﻓ ،ﻕﻮﺴﻟﺍ ﰲ ﲔﻠﺧﺪﺘﳌﺍ ﻞﻛ ﺲﲤ ﺔﻤﻈﺘﻨﻣ ﺮﻃﺎﳐ ﱪﺘﻌﺗ ﺔﻴﻟﺎﳌﺍ ﻕﻮﺴﻟﺍ ﺮﻃﺎﳐ ﻥﻷﻭ ﺎﻬﻨﻣ ﺺﻠﺨﺘﻟﺍ ﰲ ﺮﻃﺎﺨﳌﺍ ﺓﺭﺍﺩﻹ ﻱﺪﻴﻠﻘﺗ ﺏﻮﻠﺳﺄﻛ ﻊﻳﻮﻨﺘﻟﺍ . ﻭ ﰲ ﻭﺃ ﺖﻗﻭ ﰲ ﺙﻭﺪﳊﺍ ﺓﺪﻴﻛﺃ ﺎﻷ ﻟﺎﺑ ﺎﻬﺘﻴﻄﻐﺗ ﻦﻜﳝ ﻼﻓ ،ﺮﺧﺁ ﲔﻣﺄﺘ . ﺔﻴﻄﻐﺗ ﰲ ﺔﻳﺪﻴﻠﻘﺘﻟﺍ ﻞﺒﺴﻟﺍ ﻞﺸﻓ ﻡﺎﻣﺃﻭ ﺕﺍﻭﺩﺃ ﻰﻠﻋ ﺀﻮﺠﻠﻟﺍ ﹼﰎ ،ﺔﻴﻟﺎﳌﺍ ﻕﻮﺴﻟﺍ ﺮﻃﺎﳐ ﺔﻴﻟﺎﻣ ﺔﻴﻟﺎﳌﺍ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻰﻤﺴﺗ ،ﺓﺪﻳﺪﺟ . ﻭ ﺕﺎﻨﻴﻌﺒﺴﻟﺍ ﻞﺋﺍﻭﺃ ﺬﻨﻣ ﺎﻬﻴﻓ ﻞﻣﺎﻌﺘﻟﺍ ﺃﺪﺑ ﺪﻗ ﻭ ﻝﻼﺧ ﺪﻋﺎﺼﺗ ﺕﺎﻨﻴﻧﺎﻤﺜﻟﺍ ﻭ ﻕﻮﺴﻟﺍ ﺮﻃﺎﳐ ﺪﻳﺍﺰﺗ ﺔﺠﻴﺘﻧ ،ﺕﺎﻨﻴﻌﺴﺘﻟﺍ . ﻭ ،ﺕﺎﻘﺘﺸﳌﺍ ﰲ ﻞﻣﺎﻌﺘﻟﺍ ﻮﳕ ﻊﺟﺮﻳ ﺪﻳﺍﺰﺗ ﱃﺇ ﺎﻬﻃﺎﺸﻧ ﺮﺼﺘﻘﻳ ﻻ ﻲﻜﻟ ،ﺔﻴﻟﺎﳌﺍ ﺎﺎﻣﺪﺧ ﻊﻳﻮﻨﺗ ﰲ ﺎﻬﻨﻣ ﺔﺒﻏﺭ ﺎﻬﻴﻓ ﻞﻣﺎﻌﺘﻟﺍ ﻰﻠﻋ ﻙﻮﻨﺒﻟﺍ ﻝﺎﺒﻗﺇ ﻭ ﺞﺋﺎﺘﻧ ﻱﺪﻴﻠﻘﺘﻟﺍ ﺔﻴﻓﺮﺼﳌﺍ ﺔﻃﺎﺳﻮﻟﺍ ﺶﻣﺎﻫ ﻰﻠﻋ ﺎﳍﺎﻤﻋﺃ . ﻭ ﺔﻴﻄﳕ ﺕﺎﻴﻗﺎﻔﺗﺍ ﰲ ﻞﺜﻤﺘﺗ ،ﺔﻠﺟﺁ ﺩﻮﻘﻋ ﻞﻜﺷ ﰲ ﺕﺮﻬﻇ ﺎﻣ ﻝﻭﺃ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﺕﺮﻬﻇ ﺪﻗ ﺗ ﻁﻭﺮﺷ ﺖﻴﺒﺜﺗ ﱃﺇ ﻑﺪ ﲔﻓﺮﻃ ﲔﺑ ﻞﺒﻘﺘﺴﳌﺍ ﰲ ﻖﺣﻻ ﺦﻳﺭﺎﺗ ﰲ ﺙﺪﲢ ﻑﻮﺳ ﻝﺩﺎﺒ . ﻭ ﻚﻟﺬﺑ ﻲﻫ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﻕﻮﺴﻟﺍ ﺕﺎﺒﻠﻘﺗ ﻢﻬﺒﻨﲡ ،ﻦﻳﺪﻗﺎﻌﺘﻤﻠﻟ ﺓﲑﺒﻛ ﺔﻣﺪﺧ ﻡﺪﻘﺗ . ﺏﻮﻴﻌﻟﺍ ﺾﻌﺑ ﺎﻬﻴﻠﻋ ﺩﺮﺗ ﺎﺃ ﻻﺇ ،ﺪﻘﻌﻟﺍ ﰲﺮﻃ ﻕﺎﻔﺗﺍ ﻥﻭﺩ ﺎﻫﺅﺎﻐﻟﺇ ﻦﻜﳝ ﻻ ﻪﻧﺃ ﰲ ﺎﺳﺎﺳﺃ ﻞﺜﻤﺘﺗ ﻭ ﺎﻬﻠﻳﻮﲢ ﺯﻮﳚ ﻻ ﲔﻓﺮﻄﻟﺍ ﺕﺎﻣﺍﺰﺘﻟﺍ ﻦﻋ ﻼﻀﻓ ﺍﺬﻫ ،ﺚﻟﺎﺛ ﻑﺮﻃ ﱃﺇ ﺔﻟﻮﻴﺴﻟﺍ ﻦﻣ ﺔﻴﻟﺎﻋ ﺔﺟﺭﺩ ﻰﻠﻋ ﺖﺴﻴﻟ ﺎﺃ ﻭ ﺎﻬﺘﻳﻮﺴﺗ ﻦﻜﳝ ﻻ ﺔﻟﻮﻬﺴﺑ .
ﺭﻮﻄﺘﻟﺍ ﻊﻣﻭ ﻭ ﻕﻮﺴﻟﺍ ﺕﺪﻬﺷ ،ﺔﻴﺿﺎﳌﺍ ﺩﻮﻘﻌﻟﺍ ﻝﻼﺧ ﻝﺎﳌﺍ ﻕﺍﻮﺳﺃ ﻪﺗﺪﻬﺷ ﻱﺬﻟﺍ ﻞﺋﺎﳍﺍ ﻮﻤﻨﻟﺍ ﺕﺍﻭﺩﻷﺍ ﻦﻣ ﺔﻋﻮﻤﳎ ﱘﺪﻘﺗ ﻭ ﺔﻧﻭﺮﳌﺍ ﻦﻣ ﺪﻳﺰﳌﺍ ﺮﻓﻮﺗ ،ﺔﻴﻟﺎﳌﺍ ﻞﺋﺎﺳﻮﻟﺍ ﻭ ،ﺔﻟﻮﻴﺴﻟﺍ ﻭ ﲔﻠﻣﺎﻌﺘﻤﻠﻟ ﺔﻴﻄﻐﺘﻟﺍ ﻩﺬﻫ ﺖﻠﺜﲤ ﻕﻮﺴﻟﺍ ﰲ ،ﺕﺍﺭﺎﻴﳋ ﺩﻮﻘﻋﻭ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍ ﰲ ﺕﺍﻭﺩﻷﺍ ﻭ ﺪﻴﻘﻌﺗ ﺮﺜﻛﺃ ﻯﺮﺧﺃ ﺩﻮﻘﻋ ﻭ ﺔﺛﺍﺪﺣ ﺮﺜﻛﺃ . ﻙﻮﻨﺒﻟﺍ ﻑﺮﻃ ﻦﻣ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻝﺎﻤﻌﺘﺳﺍ ﱃﺇ ﺀﻮﺠﻠﻟﺍ ﺪﻳﺍﺰﺗ ﻥﺇ ﻭ ،ﺔﻴﻟﺎﳌﺍ ﺕﺎﺴﺳﺆﳌﺍ ﻭ ﻲﻗﺎﺑ ﱄﺎﺘﻟﺍ ﻝﺅﺎﺴﺘﻟﺍ ﺡﺮﻄﻧ ﺎﻨﻠﻌﳚ ،ﻕﻮﺴﻟﺍ ﺮﻃﺎﳐ ﺔﻴﻄﻐﺗ ﰲ ،ﻝﺎﳌﺍ ﻕﺍﻮﺳﺃ ﰲ ﲔﻠﺧﺪﺘﳌﺍ : ﺔﻴﻟﺎﻌﻓ ﻯﺪﻣ ﺎﻣ ﺔﻴﻄﻐﺗ ﺔﻴﻟﺎﳌﺍ ﻕﻮﺴﻟﺍ ﺮﻃﺎﳐ ﺩﻮﻘﻋ ﻝﺎﻤﻌﺘﺳﺎﺑ ﺕﺎﻘﺘﺸﳌﺍ ؟ ﺎﻬﳘﺃ ﺏﺎﺒﺳﺃ ﺓﺪﻌﻟ ﻊﺟﺮﻳ ﻉﻮﺿﻮﳌﺍ ﺍﺬﳍ ﻱﺭﺎﻴﺘﺧﺍ ﻥﺇ : • ﻕﺍﻮﺳﻷﺍ ﺔﻴﳘﺃ ﺪﻳﺍﺰﺗ ﻊﻣ ﱄﺎﳊﺍ ﺖﻗﻮﻟﺍ ﰲ ﻉﻮﺿﻮﳌﺍ ﺍﺬﻫ ﻞﺜﻣ ﺎﻬﺒﺴﺘﻜﻳ ﱵﻟﺍ ﺔﻐﻟﺎﺒﻟﺍ ﺔﻴﳘﻷﺍ ،ﺔﻬﺟ ﻦﻣ ﺔﻴﻟﺎﳌﺍ ﻭ ﻯﺮﺧﺃ ﺔﻬﺟ ﻦﻣ ﺎ ﺔﻄﺒﺗﺮﳌﺍ ﺮﻃﺎﺨﳌﺍ ﻢﻗﺎﻔﺗ . ﻭ ﺎﺄﺷ ﻦﻣ ﱵﻟﺍ ﺪﻳﺪ ﻝﻭﺩ ﺕﺎﻳﺩﺎﺼﺘﻗﺍ ﻭ ﲔﻌﻣ ﻚﻨﺑ ﻭﺃ ﺔﺴﺳﺆﻣ ﺪﻳﺪ ﻂﻘﻓ ﺲﻴﻟ . • ،ﺎﺜﻳﺪﺣ ﻉﻮﺿﻮﳌﺍ ﺍﺬﻫ ﱪﺘﻌﻳ ﻭ ﲔﻓﺭﺎﻌﻟﺍ ﺔﻠﻘﻟﻭ ،ﻪﺘﺑﻮﻌﺼﻟ ﺍﺮﻈﻧ ﺔﻠﻴﻠﻗ ﻪﻴﻓ ﺕﺎﺳﺍﺭﺪﻟﺍ ﱪﺘﻌﺗ ﺎﻨﻄﻴﳏ ﰲ ﻞﻗﻷﺍ ﻰﻠﻋ ،ﻪﺑ . ﻭ ،ﺚﺤﺒﻟﺍ ﺍﺬﻫ ﺔﻳﺎﻏ ﻖﻴﻘﺤﺘﻟ ﻭ ﻡﻮﻬﻔﻣ ﺢﻴﺿﻮﺗ ﰲ ﺔﻠﺜﻤﺘﳌﺍ ،ﺔﻴﻟﺎﳌﺍ ﺕﺎﻘﺘﺸﳌﺍ ﻭ ،ﺮﻃﺎﺨﳌﺍ ﺔﻴﻄﻐﺗ ﰲ ﺎﻬﺘﻴﳘﺃ ﺯﺍﺮﺑﺇ ﻨﻌﺘﺳﺍ ﻲﻠﻴﻠﺤﺘﻟﺍ ﻲﻔﺻﻮﻟﺍ ﺞﻬﻨﳌﺎﺑ ﺎ ﺕﺎﻧﺎﻴﺒﻟﺍ ﻊﻴﻤﺠﺘﺑ ﻢﺘﻬﻳ ﻱﺬﻟﺍ ﻭ ،ﺕﺎﻣﻮﻠﻌﳌﺍ ﻭ ،ﻲﻠﺴﻠﺴﺗ ﻞﻜﺸﺑ ﺎﻬﻤﻴﻈﻨﺗ ﻭ ﺔﻓﺎﻜﺑ ﻒﻳﺮﻌﺘﻟﺍ ﻢﻴﻫﺎﻔﳌﺍ ﻭ ﻝﻭﺍﺪﺟ ﻰﻠﻋ ﺩﺎﻤﺘﻋﻻﺎﺑ ،ﺔﻴﻄﻐﺘﻟﺍ ﰲ ﺕﺎﻘﺘﺸﳌﺍ ﺭﻭﺩ ﺺﻴﺨﻠﺗ ﻭ ﻝﺎﻜﺷﺃ ،ﺔﻴﻄﻴﻄﲣ ... ،ﺔﻳﺅﺮﻟﺍ ﺢﻴﺿﻮﺗ ﻞﺟﺃ ﻦﻣ ﻭ ﺭﺎﻜﻓﻷﺍ ﻢﻬﻓ ﲑﺴﻴﺗ ﻭ ﻝﺎﺠﲟ ﺔﺻﺎﳋﺍ ﺕﺎﻣﻮﻠﻌﳌﺍ ﺤﺒﻟﺍ ﺚ . ،ﻉﻮﺿﻮﳌﺍ ﺔﻌﻴﺒﻄﺑ ﻂﺒﺗﺮﻳ ﺭﺎﻃﺇ ﰲ ﺚﺤﺒﻟﺍ ﻢﻴﺴﻘﺗ ﰎ ﺪﻗﻭ ﻭ ﱃﺇ ﻲﻣﺮﻳ ﱵﻟﺍ ﻑﺍﺪﻫﻷﺍ ﻊﻣ ﻢﺠﺴﻨﻳ ﺔﻴﻟﺎﺘﻟﺍ ﺔﻄﳋﺍ ﻖﻓﻭ ﺎﻬﻘﻴﻘﲢ : ﻝﻭﻷﺍ ﻞﺼﻔﻟﺍ : ﺭﺎﻤﺜﺘﺳﻻﺍ ﻝﻮﺣ ﺔﻣﺎﻋ ﻢﻴﻫﺎﻔﻣ ﻪﻴﻓ ﻝﻭﺎﻨﺘﺗ ﺚﻴﺣ ،ﻉﻮﺿﻮﻤﻠﻟ ﻱﺭﻭﺮﺿ ﻞﺧﺪﻣ ﱪﺘﻌﻳ ﱄﺎﳌﺍ ﻭ ﺔﻳﺪﻴﻠﻘﺘﻟﺍ ﻞﺒﺴﻟﺍ ﰒ ،ﻩﺮﻃﺎﳐ ﻭ ﺨﻨﻟ ،ﺮﻃﺎﺨﳌﺍ ﺓﺭﺍﺩﻹ ﺔﺜﻳﺪﳊﺍ ﺓﺪﺣﺍﻮﻟ ﺎﻨﻣﺎﻤﺘﻫﺍ ﲑﺧﻷﺍ ﰲ ﺺﺼ ،ﺔﺜﻳﺪﳊﺍ ﻞﺒﺴﻟﺍ ﻢﻫﺃ ﻦﻣ ﻭ ﺎﻬﻗﺍﻮﺳﺃ ،ﺎﻬﺘﻴﳘﺃ ،ﺎﻬﻣﻮﻬﻔﻣ ﺚﻴﺣ ﻦﻣ ،ﺔﻴﻟﺎﳌﺍ ﺕﺎﻘﺘﺸﳌﺍ ﻲﻫ ﻭ ﺎﻫﺮﻃﺎﳐ . ﱐﺎﺜﻟﺍ ﻞﺼﻔﻟﺍ : ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻉﺍﻮﻧﺃ ﻝﻮﺣ ﺔﻣﺎﻋ ﻢﻴﻫﺎﻔﻣ ﻝﻭﻷﺍ ﻪﺜﺤﺒﻣ ﰲ ﻢﻀﻴﻓ ،ﱐﺎﺜﻟﺍ ﻞﺼﻔﻟﺍ ﺎﻣﺃ ،ﺕﺍﺭﺎﻴﺧ ،ﺔﻴﻠﺒﻘﺘﺴﻣ ﺩﻮﻘﻋ ،ﺔﻠﺟﺁ ﺩﻮﻘﻋ ﻦﻣ ﻭ ﺕﺎﻘﺘﺸﻣ ﺩﻮﻘﻋ ﰲ ﻞﺜﻤﺘﺗ ،ﺔﺛﺍﺪﺣ ﺮﺜﻛﺃ ﻯﺮﺧﺃ
ﺔﻄﻠﺘﺨﳌﺍ ﺕﺎﻘﺘﺸﳌﺍ ﻭ ،ﺔﺒﻳﺮﻐﻟﺍ ﻭ ﺽﻭﺮﻘﻟﺍ ﺕﺎﻘﺘﺸﻣ . ﻭ ﰲ ﻞﻣﺎﻌﺘﻟﺍ ﺕﺎﻴﺠﻴﺗﺍﺮﺘﺳﺍ ﻝﻭﺎﻨﺘﻧ ﱐﺎﺜﻟﺍ ﺚﺤﺒﳌﺍ ﰲ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ . ﺚﻟﺎﺜﻟﺍ ﻞﺼﻔﻟﺍ : ﻝﻭﻷﺍ ﲔﻠﺼﻔﻟﺍ ﰲ ﻝﻭﺎﻨﺘﻧ ﺎﻣﺪﻌﺑ ﻭ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻝﻮﺣ ﻢﻴﻫﺎﻔﻣ ،ﱐﺎﺜﻟﺍ ،ﱄﺎﳌﺍ ﻭ ،ﻩﺮﻃﺎﳐ ﻭ ﺒﺳ ،ﺎﺭﺍﺩﺇ ﻞ ﻭ ﺸﳌﺍ ﻝﻮﺣ ﻢﻴﻫﺎﻔﻣ ﺔﻴﻟﺎﳌﺍ ﺕﺎﻘﺘ ﻭ ،ﺎﻬﻋﺍﻮﻧﺃ ﻭ ﻞﻣﺎﻌﺘﻟﺍ ﺕﺎﻴﺠﻴﺗﺍﺮﺘﺳﺍ ﺎﻬﻴﻓ ﰲ ﻞﻘﺘﻨﻧ ، ﱵﻟﺍ ﺔﻴﻔﻴﻜﻟﺍ ﱃﺇ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻢﻴﻘﺗ ﺝﺫﺎﳕ ﺽﺮﻋ ﺪﻌﺑ ﺚﻟﺎﺜﻟﺍ ﻞﺼﻔﻟﺍ ﻢﺘﺗ ﺮﻃﺎﺨﳌﺍ ﺔﻴﻄﻐﺗ ﺎ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻝﺎﻤﻌﺘﺳﺎﺑ . ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻝﺎﻤﻌﺘﺳﺎﺑ ﻢﻬﺳﻷﺍ ﺭﺎﻌﺳﺃ ﺕﺎﺒﻠﻘﺗ ﺮﻃﺎﳐ ﺔﻴﻄﻐﺘﺑ ﺍﺀﺪﺑ ﻢﻬﺳﻷﺍ ﻰﻠﻋ ﻭ ﻮﺒﻟﺍ ﺕﺍﺮﺷﺆﻣ ﻰﻠﻋ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻝﺎﻤﻌﺘﺳﺎﺑ ﺓﺪﺋﺎﻔﻟﺍ ﻝﺪﻌﻣ ﺮﻄﺧ ﺔﻴﻄﻐﺗ ﰒ ،ﺔﺻﺭ ﻰﻠﻋ ﺮﻄﺧ ﺔﻴﻄﻐﺗ ﹰﺍﲑﺧﺃﻭ ،ﺓﺪﺋﺎﻔﻟﺍ ﺕﻻﺪﻌﻣ ﻑﺮﺼﻟﺍ ﺮﻌﺳ ﺭﺎﻌﺳﺃ ﻰﻠﻋ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ ﻝﺎﻤﻌﺘﺳﺎﺑ ﻑﺮﺼﻟﺍ . ﻊﺑﺍﺮﻟﺍ ﻞﺼﻔﻟﺍ : ﻲﺴﻧﺮﻔﻟﺍ ﻚﻨﺒﻟﺍ ﺔﻟﺎﺣ ﺔﺳﺍﺭﺩ ﻦﻤﻀﺘﻳ BNP Paribas ﺚﻴﺣ ، ﻧ ﻝﻭﺎﻨﺘ ﻝﻭﺃ ﺚﺤﺒﻣ ﰲ ﺮﻃﺎﺨﳌﺍ ﺔﻌﻴﺒﻄﺑﻭ ،ﻚﻨﺒﻟﺎﺑ ﻒﻳﺮﻌﺘﻟﺍ ﻝﻭﺎﻨﺘﻧ ﱐﺎﺜﻟﺍ ﺚﺤﺒﳌﺍ ﰲﻭ ،ﺎﳍ ﺽﺮﻌﺘﻳ ﱵﻟﺍ ﺮﻃﺎﳐ ﺔﻴﻄﻐﺗ ﺕﺍﻭﺩﺃ ،ﻚﻨﺒﻟﺍ ﻯﺪﻟ ﻕﻮﺴﻟﺍ ﻭ ﺕﺍﻭﺩﻷﺍ ﻩﺬ ﺔﻴﻄﻐﺘﻟﺍ ﺔﻴﻟﺎﻌﻓ ﺲﻴﻘﻧ .
ﻝﻭﻷﺍ ﻞﺼﻔﻟﺍ
ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ
ﺎﺭﺍﺩﺇ ﻞﺒﺳﻭ ،ﻩﺮﻃﺎﳐ ،
ﺔﻨﻴﻌﻣ ﺔﻴﻨﻣﺯ ﺓﺮﺘﻔﻟﻭ ،ﺔﻨﻴﻌﻣ ﺔﻈﳊ ﰲ ﺩﺮﻔﻟﺍ ﺎﻬﻜﻠﳝ ﻝﺍﻮﻣﺃ ﻦﻋ ﻲﻠﺨﺘﻟﺍ ﻪﻧﺃ ﻰﻠﻋ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻑﺮﻌﻳ . ﻞﺻﺄﺑ ﺎﻬﻄﺑﺭﻭ ﺮﺜﻛﺃ ﻭﺃ ﺎ ﻆﻔﺘﳛ ﱵﻟﺍ ﻝﻮﺻﻷﺍ ﻦﻣ ﻟ ﻰﻠﻋ ﻝﻮﺼﳊﺍ ﺪﺼﻘﺑ ،ﺔﻴﻨﻣﺰﻟﺍ ﺓﺮﺘﻔﻟﺍ ﻚﻠﺘ ﺔﻴﻠﺒﻘﺘﺴﻣ ﺔﻴﻟﺎﻣ ﺕﺎﻘﻓﺪﺗ . ﺳﻻﺍ ﻒﻨﺼﻳﻭ ﱄﺎﻣ ﺭﺎﻤﺜﺘﺳﺍﻭ ﻲﻘﻴﻘﺣ ﺭﺎﻤﺜﺘﺳﺍ ﱃﺇ ﻲﻋﻮﻨﻟﺍ ﺭﺎﻴﻌﳌﺍ ﺐﺴﺣ ﺭﺎﻤﺜﺘ ، ﺭﺎﻤﺜﺘﺳﻻﺍ ﻘﻴﻘﳊﺍ ﻲ ﻘﻴﻘﳊﺍ ﻞﺻﻷﺍﻭ ،ﻲﻘﻴﻘﺣ ﻞﺻﺃ ﺓﺯﺎﻴﺣ ﰲ ﻖﳊﺍ ﺮﻤﺜﺘﺴﻤﻠﻟ ﺮﻓﻮﻳ ﻲ ﺔﻤﻴﻗ ﻪﻟ ﻞﺻﺃ ﻞﻛ ﻮﻫ ﺔﻣﺪﺧ ﻭﺃ ﺔﻌﻠﺳ ﻞﻜﺷ ﻰﻠﻋ ﺮﻬﻈﺗ ﺔﻳﺩﺎﺼﺘﻗﺍ ﺔﻌﻔﻨﻣ ﻪﻣﺍﺪﺨﺘﺳﺍ ﻰﻠﻋ ﺐﺗﺮﺘﻳﻭ ،ﻪﺗﺍﺫ ﺪﺣ ﰲ ﺔﻳﺩﺎﺼﺘﻗﺍ ﲑﻏﻭ ﺐﻫﺬﻟﺍﻭ ﻊﻠﺴﻟﺍﻭ ﺭﺎﻘﻌﻟﺎﻛ ﺎﻫ . ﱄﺎﻣ ﻞﺻﺃ ﺓﺯﺎﻴﺣ ﺮﻤﺜﺘﺴﻤﻠﻟ ﺮﻓﻮﻳ ﻪﻧﺈﻓ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺎﻣﺃ ﺓﺯﺎﻴﺣ ﻖﺣ ﻪﻠﻣﺎﳊ ﺐﺗﺮﺘﻳ ﻻ ﻪﻧﻷ ﺎﻴﻘﻴﻘﺣ ﻼﺻﺃ ﻩﺭﺎﺒﺘﻋﺍ ﻦﻜﳝ ﻻ ﱄﺎﻣ ﻞﺻﺃ ﻢﻬﺴﻟﺎﻓ ،ﻼﺜﻣ ﻢﻬﺳﻷﺎﻛ ﻰﻠﻋ ﻝﻮﺼﳊﺎﺑ ﺔﺒﻟﺎﻄﳌﺍ ﻖﺣ ﻪﻟ ﺮﻓﻮﻳ ﺎﳕﺇﻭ ﻲﻘﻴﻘﺣ ﻞﺻﺃ ﻋ ﺪﺋﺎ . ﺪﺣ ﰲ ﻲﻬﻓ ﻢﻬﺴﻟﺍ ﻞﺜﲤ ﱵﻟﺍ ﺔﻗﺭﻮﻟﺍ ﺎﻣﺃ ﺇﻭ ،ﺔﻤﻴﻗ ﻼﺑ ﺎﺍﺫ ﱵﻟﺍ ﺔﻛﺮﺸﻟﺍ ﺎﻬﻜﻠﲤ ﱵﻟﺍ ﺔﻴﻘﻴﻘﳊﺍ ﻝﻮﺻﻷﺍ ﺔﻤﻴﻗ ﻦﻣ ﺔﻳﺩﺎﺼﺘﻗﻻﺍ ﺎﻬﺘﻤﻴﻗ ﺪﻤﺘﺴﺗ ﺎﳕ ﺎﺭﺪﺻﺃ . ﻦﻣ ﺔﺟﺭﺪﺑ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺰﻴﻤﺘﻳ ،ﻥﺎﻣﻷﺍ ﻦﻣ ﺔﺟﺭﺪﺑ ﻲﻘﻴﻘﳊﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺰﻴﻤﺘﻳ ﲔﺣ ﰲﻭ ﺓﺮﻃﺎﺨﳌﺍ ﻩﺬﻫ ﺓﺭﺍﺩﺇ ﻦﻣ ﻪﻨﻜﲤ ﺕﺍﻭﺩﺃ ﻦﻋ ﺚﺤﺒﻟﺍ ﱃﺇ ﺮﻤﺜﺘﺴﳌﺍ ﻊﻓﺪﺗ ،ﺓﺮﻃﺎﺨﳌﺍ . ﻰﻠﻋ ﻑﺮﻌﺘﻨﺳﻭ ﺮﻃﺎﳐ ﻝﻼﺧ ﻦﻣ ﺎﺭﺍﺩﺇ ﻞﺒﺳﻭ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺔﺛﻼﺛ ﺚﺣﺎﺒﻣ : ﻝﻭﻷﺍ ﺚﺤﺒﳌﺍ : ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻭ ﳐ ﺮﻃﺎ ﻩ. ﱐﺎﺜﻟﺍ ﺚﺤﺒﳌﺍ : ﺮﻃﺎﺨﳌﺍ ﺓﺭﺍﺩﺇ ﻞﺒﺳ . ﺚﻟﺎﺜﻟﺍ ﺚﺤﺒﳌﺍ : ﺔﻴﻟﺎﳌﺍ ﺕﺎﻘﺘﺸﳌﺍ ﺩﻮﻘﻋ .ﻝﻭﻷﺍ ﺚﺤﺒﳌﺍ
ﺭﺎﻤﺜﺘﺳﻻﺍ
ﱄﺎﳌﺍ
ﻩﺮﻃﺎﳐﻭ
ﻻﻭﺃ ﺪﺑ ﻻ ،ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺮﻃﺎﺨﳌ ﻕﺮﻄﺘﻟﺍ ﻞﺒﻗ ﻡﻮﻬﻔﳌﺍ ﺍﺬﻫ ﻰﻠﻋ ﺮﺜﻛﺃ ﻑﺮﻌﺘﻟﺍ ﻦﻣ . ﻝﻭﻷﺍ ﺐﻠﻄﳌﺍ : ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺛﻼﺛ ﻦﻣ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻝﻭﺎﻨﺘﻧ ﺔ ﻲﻫ ﺐﻧﺍﻮﺟ : ـ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻡﻮﻬﻔﻣ . ـ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺕﺍﻭﺩﺃ . ـ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻕﺍﻮﺳﺃ . 1 ـ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻡﻮﻬﻔﻣ : ﺗ ﺀﺍﺮﺷ ﻪﻧﺄﺑ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻒﻳﺮﻌﺗ ﻦﻜﳝ ﰲ ﺔﺼﺣ ﺀﺍﺮﺷ ﲏﻌﻳ ﺍﺬﻫﻭ ،ﺩﻮﺟﻮﻣ ﱄﺎﲰﺃﺭ ﻦﻳﻮﻜ ﻝﺎﻣ ﺱﺃﺭ ) ﻢﻬﺳ ( ﺽﺮﻗ ﰲ ﺔﺼﺣ ﻭﺃ ) ﺔﻨﻳﺰﺧ ﻥﺫﺇ ﻭﺃ ﻉﺍﺪﻳﺇ ﺓﺩﺎﻬﺷ ﻭﺃ ﺪﻨﺳ ( ﻖﺣ ﺎﻬﻜﻟﺎﻣ ﻲﻄﻌﺗ ﺔﻗﻼﻌﻟﺍ ﺕﺍﺫ ﲔﻧﺍﻮﻘﻟﺍ ﺎﻬﻨﻤﻀﺗ ﱵﻟﺍ ﻯﺮﺧﻷﺍ ﻕﻮﻘﳊﺎﺑﻭ ﺪﺋﺍﻮﻔﻟﺍ ﻭﺃ ﺡﺎﺑﺭﻷﺎﺑ ﺔﺒﻟﺎﻄﳌﺍ . ﻸﻟ ﺀﺍﺮﺷﻭ ﻊﻴﺑ ﺕﺎﻴﻠﻤﻋ ﻦﻣ ﺔﻳﻮﻧﺎﺜﻟﺍ ﺔﻴﻟﺎﳌﺍ ﻕﻮﺴﻟﺍ ﰲ ﺙﺪﳛ ﺎﻣﻭ ﺕﺍﺪﻨﺴﻟﺍﻭ ﻢﻬﺳ ، ﻭﺪﻌﻳ ﻻ ﻮﻬﻓ ﱄﺎﳌﺍ ﻞﺻﻷﺍ ﺔﻴﻜﻠﻣ ﻞﻘﻧ ﺔﻴﻠﻤﻋ ﻪﻧﻮﻛ . ﻞﺻﻷﺍ ﻚﻟﺬﻟ ﻪﺘﻴﻜﻠﻣ ﻦﻋ ﻊﺋﺎﺒﻟﺍ ﻰﻠﺨﺘﻳ ﺚﻴﺣ ) ﻭﺃ ﻢﻬﺴﻟﺍ ﺪﻨﺴﻟﺍ ( ﺮﺧﺁ ﻞﺻﺃ ﻰﻠﻋ ﻪﻟﻮﺼﺣ ﻞﺑﺎﻘﻣ ) ﱵﻟﺍ ﺩﻮﻘﻨﻟﺍ ﻞﺜﻣ ﺎﻴﻘﻴﻘﺣ ﻼﺻﺃ ﻥﻮﻜﻳ ﺪﻗ ﻱﺬﻟﺍ ﻦﻤﺜﻟﺍ ﻮﻫﻭ ﻱﺮﺘﺸﳌﺍ ﺎﻬﻨﻋ ﻰﻠﺨﺘﻳ .( ﻴﻠﻤﻋ ﻝﻼﺨﻓ ﺔ ﺘﻗﺍ ﺔﻌﻔﻨﻣ ﻱﺃ ﺀﺎﺸﻧﻹ ﻩﺬﻫ ﻝﺩﺎﺒﺘﻟﺍ ﺔﻓﺎﻀﻣ ﺔﻤﻴﻗ ﻭﺃ ﺔﻴﻓﺎﺿﺇ ﺔﻳﺩﺎﺼ ﺪﻳﺪﳉﺍ ﻪﻜﻟﺎﻣ ﱃﺇ ﻲﻠﺻﻷﺍ ﻪﻜﻟﺎﻣ ﻦﻣ ﱄﺎﳌﺍ ﻞﺻﻷﺍ ﺔﻴﻜﻠﻣ ﻞﻘﻨﺗ ﻥﺃ ﻮﻫ ﻞﺼﳛ ﺎﻣ ﻞﻜﻓ ،ﻲﻣﻮﻘﻟﺍ ﺞﺗﺎﻨﻠﻟ ﺪﻗﻭ ﺪﻠﺒﻟﺍ ﺓﻭﺮﺛ ﻉﻮﻤﳎ ﱃﺇ ﺎﺌﻴﺷ ﻚﻟﺫ ﻒﻴﻀﻳ ﻥﺃ ﻥﻭﺩ ﺕﻻﻮﻤﻋﻭ ﻡﻮﺳﺭ ﻦﻣ ﻚﻟﺫ ﻖﻓﺍﺮﻳ ﺎﻣ ﻊﻣ ﺸﻣ ﻦﻣ ﺀﺰﺟ ﺔﻴﻜﻠﻣ ﻝﺎﻘﺘﻧﺍ ﱃﺇ ،ﺐﻧﺎﺟﻷﺍ ﻞﺒﻗ ﻦﻣ ﺎ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻱﺩﺆﻳ ﻭ ﻊﻳﺭﺎ ﺷ ﱃﺇ ﺪﻠﺒﻟﺍ ﺕﺎﻛﺮ ﻢﻬﻳﺪﻳﺃ ] . ،ﻞﻤﳉﺍ 2002 ﺹ ، . 251 .[ ﺎﻴﻠﻤﻋ ﻞﻳﻮﻤﺘﻟ ﺓﺪﻳﺪﳉﺍ ﺕﺍﺭﺍﺪﺻﻹﺍ ﺔﻟﺎﺣ ﰲ ﻒﻠﺘﳜ ﺮﻣﻷﺍ ﻦﻜﻟﻭ ﺕ ﻊﻳﺭﺎﺸﳌﺍ ﺭﺎﺸﺘﻧﺍ ﻭﺃ ،ﻊﺳﻮﺘﻟﺍ ﻞﺼﺤﺘﺳ ﱵﻟﺍ ﻝﺍﻮﻣﻷﺍ ﻥﻷ ﺎﻴﻘﻴﻘﺣ ﺍﺭﺎﻤﺜﺘﺳﺍ ﺎﻫﺎﻳﺎﻨﺛ ﰲ ﻞﻤﲢ ﺓﺪﻳﺪﳉﺍ ﺕﺍﺭﺍﺪﺻﻹﺍ ﻩﺬﻬﻓ ،ﺓﺪﻳﺪﳉﺍ ﺳ ﺪﻳﺪﳉﺍ ﺭﺍﺪﺻﻹﺍ ﻦﻣ ﺔﻛﺮﺸﻟﺍ ﺎﻬﻴﻠﻋ ﺓﺪﻳﺪﺟ ﺔﻴﻘﻴﻘﺣ ﻝﻮﺻﺃ ﺀﺍﺮﺷ ﰲ ﻞﻤﻌﺘﺴﺘ ] ﻭﺃ ﺕﺍﺪﻌﻣﻭ ﺕﻻﺁ ﺕﺍﺭﺎﻤﻋ [... ﻭﺃ ﻊﻠﺳ ﻞﻜﺷ ﻰﻠﻋ ﺎﻣﺇ ،ﺓﺪﻳﺪﺟ ﺔﻳﺩﺎﺼﺘﻗﺍ ﻊﻓﺎﻨﻣ ﻖﻠﺧ ﰲ ﺎﻬﻣﺍﺪﺨﺘﺳﺍ ﺪﻌﺑ ﻢﻫﺎﺴﺗ
ﺕﺎﻣﺪﺧ . ﻊﻴﺑ ﺔﻴﻠﻤﻋ ﺀﺎﻬﺘﻧﺎﺑ ﻲﻬﺘﻨﻳ ﺕﺍﺪﻨﺴﻟﺍ ﻭﺃ ﻢﻬﺳﻸﻟ ﻲﻘﻴﻘﳊﺍ ﻱﺩﺎﺼﺘﻗﻻﺍ ﻝﻮﻌﻔﳌﺍ ﻥﺃ ﲏﻌﻳ ﺍﺬﻫﻭ ﺔﻴﻟﻭﻷﺍ ﻕﻮﺴﻟﺍ ﰲ ﺭﺍﺪﺻﻹﺍ . ﳍ ﺙﺪﳛ ﺎﻣ ﺎﻣﺃ ﻝﻭﺍﺪﺗ ﻦﻣ ﻚﻟﺫ ﺪﻌﺑ ﻕﺍﺭﻭﻷﺍ ﻩﺬ ) ﺀﺍﺮﺷ ﻊﻴﺑ ( ﰲ ﻞﺧﺪﻴﻓ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺏﺎﺑ ] . ،ﻞﻤﳉﺍ 2002 ﺹ ، . 251 .[ ﺎﻬﻨﻣ ﺮﻛﺬﻧ ﺎﻳﺍﺰﻣ ﺓﺪﻌﺑ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺰﻴﻤﺘﻳﻭ : ـ ﺔﻴﻟﺎﳌﺍ ﻝﻮﺻﻷﺎﺑ ﻞﻣﺎﻌﺘﻠﻟ ﻢﻴﻈﻨﺘﻟﺍ ﺔﻳﺎﻏ ﺔﻤﻈﻨﻣ ﻕﺍﻮﺳﺃ ﺩﻮﺟﻭ . ـ ﻒﻴﻟﺎﻜﺗ ﻊﻣ ﺔﻧﺭﺎﻘﻣ ﺔﻴﻟﺎﳌﺍ ﻕﺍﺭﻭﻷﺎﺑ ﺓﺮﺟﺎﺘﳌﺍ ﻒﻴﻟﺎﻜﺗ ﺽﺎﻔﳔﺍ ﻯﺮﺧﻷﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺕﺍﻭﺩﺄﺑ ﺓﺮﺟﺎﺘﳌﺍ . ـ ﺪﺋﺎﻌﻟﺍ ﺕﻻﺪﻌﻣ ﺏﺎﺴﺘﺣﺍﻭ ﺎﻬﻌﻴﺑﻭ ﺎﻬﳝﻮﻘﺗ ﺔﻴﻠﻤﻋ ﻞﻬﺴﻳ ﺎﳑ ،ﺔﻴﻟﺎﳌﺍ ﻝﻮﺻﻷﺍ ﺕﺍﺪﺣﻭ ﲔﺑ ﺲﻧﺎﺠﺘﻟﺍ ﺎﻬﻨﻣ ﻞﻜﻟ . ـ ﻦﻳﺮﻤﺜﺘﺴﳌﺍ ﻞﻌﳚ ﺎﳑ ،ﲔﻳﺩﺎﻌﻟﺍ ﻦﻳﺮﻤﺜﺘﺴﻤﻠﻟ ﻢﺎﻣﺪﺧ ﻥﻮﻣﺪﻘﻳ ﲔﺼﺼﺨﺘﻣ ﲔﻴﻟﺎﻣ ﺀﺎﻄﺳﻭ ﺩﻮﺟﻭ ﺪﺟ ﺔﻳﺭﺎﻤﺜﺘﺳﺍ ﺕﺎﻣﺪﺧ ﻰﻠﻋ ﻝﻮﺼﳊﺍ ﻰﻠﻋ ﻦﻳﺭﺩﺎﻗ ﻉﻮﺿﻮﳌﺍ ﰲ ﺀﺍﱪﺧ ﺍﻮﻧﻮﻜﻳ ﻥﺃ ﻥﻭﺩ ﺓﺪﻳ . ﰲ ﺺﻠﺨﺘﺘﻓ ﺔﻴﻟﺎﳌﺍ ﻝﻮﺻﻷﺍ ﰲ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺏﻮﻴﻋ ﺎﻣﺃ : ـ ﺃ ﻊﻣ ،ﺔﻴﻘﻴﻘﳊﺍ ﺕﺍﺭﺎﻤﺜﺘﺳﻻﺍ ﰲ ﻲﻫ ﺎﻤﻋ ﻥﺎﻣﻷﺍ ﺔﺟﺭﺩ ﺽﺎﻔﳔﺍ ﹼﻥ ﻕﺍﺭﻭﺃ ﺩﻮﺟﻭ ﻊﻣ ﺽﺭﺎﻌﺘﻳ ﻻ ﺍﺬﻫ ﺓﺯﺎﺘﻤﳌﺍ ﻢﻬﺳﻷﺍ ﻭﺃ ﺎﺭﺪﺻﺃ ﱵﻟﺍ ﺔﻛﺮﺸﻟﺍ ﺕﺍﺩﻮﺟﻮﲟ ﺔﻧﻮﻤﻀﳌﺍ ﺕﺍﺪﻨﺴﻟﺍ ﻞﺜﻣ ﺔﻧﻮﻤﻀﻣ ﺔﻴﻟﺎﻣ ﺍ ﺡﺎﺑﺭﻷﺍ ﺔﻧﻮﻤﻀﳌ . ـ ﺔﻴﺋﺍﺮﺸﻟﺍ ﺓﻮﻘﻟﺍ ﺽﺎﻔﳔﺍ ﺮﻃﺎﳐ ﱃﺇ ﻞﺟﻷﺍ ﺔﻠﻳﻮﻄﻟﺍ ﻭﺃ ﺔﻄﺳﻮﺘﳌﺍ ﺕﺍﺪﻨﺴﻟﺍ ﰲ ﺮﻤﺜﺘﺴﳌﺍ ﺽﺮﻌﺘﻳ ﻢﺨﻀﺘﻟﺍ ﻞﻣﺎﻋ ﺐﺒﺴﺑ ﺭﺎﻤﺜﺘﺳﻼﻟ . ] ،ﻥﺎﻀﻣﺭ 1998 ﺹ ، . 42 .[ 2 ـ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺕﺍﻭﺩﺃ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺓﺍﺩﺃ ﻑﺮﻌﺗ ﺀﺎﻘﻟ ﺮﻤﺜﺘﺴﳌﺍ ﻪﻴﻠﻋ ﻞﺼﳛ ﻱﺬﻟﺍ ،ﱄﺎﳌﺍ ﻞﺻﻷﺍ ﺎﺄﺑ ﱄﺎﳌﺍ ﻎﻠﺒﳌﺍ ﻩﺮﻤﺜﺘﺴﻳ ﻱﺬﻟﺍ . ﺔﻋﻮﻨﺘﻣ ﻑﺎﻨﺻﺃ ﱃﺇ ﺔﻔﻠﺘﳐ ﲑﻳﺎﻌﻣ ﺐﺴﲝ ﻒﻨﺼﺗﻭ . ﱃﺇ ﻒﻨﺼﺗ ﺔﻴﻜﻠﳌﺍ ﺭﺎﻴﻌﻣ ﺐﺴﺤﻓ : ـ ﺕﺍﺪﻨﺴﻟﺍﻭ ﻉﺍﺪﻳﻹﺍ ﺕﺍﺩﺎﻬﺷﻭ ﺔﻨﻳﺰﳋﺍ ﺕﺎﻧﻭﺫﺃ ﺎﳍﺎﺜﻣﺃ ﻦﻣﻭ ﻦﻳﺩ ﺕﺍﻭﺩﺃ ... ـ ﺔﻳﺩﺎﻌﻟﺍﻭ ﺓﺯﺎﺘﻤﳌﺍ ﻢﻬﺳﻷﺍ ﻞﺜﻣ ﺔﻴﻜﻠﻣ ﺕﺍﻭﺩﺃﻭ . ﱃﺇ ﻒﻨﺼﺗ ﻞﺟﻷﺍ ﺭﺎﻴﻌﻣ ﺐﺴﺣﻭ : ـ ﺓﲑﺼﻗ ﺕﺍﻭﺩﺃ ﻞﺜﻣ ﻞﻗﺃ ﻭﺃ ﺔﻨﺳ ﻝﻼﺧ ﻖﺤﺘﺴﺗ ﻞﺟﻷﺍ : ﺩﻮﻘﻋﻭ ﻉﺍﺪﻳﻹﺍ ﺕﺍﺩﺎﻬﺷﻭ ﺔﻨﻳﺰﳋﺍ ﺕﺎﻧﻭﺫﺃ ﺔﻴﺒﻨﺟﻷﺍ ﺕﻼﻤﻌﻟﺍ ﻟ ﲑﺼﻘﻟﺍ ﻞﺟﻸ .
ـ ﺕﺍﺪﻨﺴﻟﺍﻭ ﻢﻬﺳﻷﺍ ﺎﻬﺘﻠﺜﻣﺃ ﻦﻣﻭ ﺔﻨﺳ ﻦﻣ ﻝﻮﻃﺃ ﺓﺮﺘﻓ ﰲ ﻖﺤﺘﺴﺗﻭ ﻞﺟﻷﺍ ﺔﻠﻳﻮﻃ ﺕﺍﻭﺩﺃﻭ . ﱃﺇ ﻒﻨﺼﺗ ﻞﺧﺪﻟﺍ ﺭﺎﻴﻌﻣ ﺐﺴﺣﻭ : ـ ﻨﺴﻟﺍﻭ ﺔﻨﻳﺰﳋﺍ ﺕﺎﻧﻭﺫﺃ ﻞﺜﻣ ﺖﺑﺎﺜﻟﺍ ﻞﺧﺪﻟﺍ ﺕﺍﺫ ﺕﺍﻭﺩﺃ ﻢﻬﺳﻷﺍﻭ ﺖﺑﺎﺜﻟﺍ ﺓﺪﺋﺎﻔﻟﺍ ﺮﻌﺳ ﺕﺍﺫ ﺕﺍﺪ ﺓﺯﺎﺘﻤﳌﺍ . ـ ﻢﺋﺎﻌﻟﺍ ﺓﺪﺋﺎﻔﻟﺍ ﺮﻌﺳ ﺕﺍﺫ ﺕﺍﺪﻨﺴﻟﺍﻭ ﺔﻳﺩﺎﻌﻟﺍ ﻢﻬﺳﻷﺍ ﻞﺜﻣ ﲑﻐﺘﻣ ﻞﺧﺩ ﺕﺍﺫ ﺕﺍﻭﺩﺃﻭ . ﱃﺇ ﺮﺧﺁ ﺭﺎﻴﻌﻣ ﺐﺴﺣ ﻒﻨﺼﺗﻭ : ـ ﺐﺼﻋ ﻞﺜﲤ ﱵﻟﺍ ﺯﺎﺘﻤﳌﺍﻭ ﻱﺩﺎﻌﻟﺍ ﺎﻬﻴﻘﺸﺑ ﻢﻬﺳﻷﺍﻭ ﺕﺍﺪﻨﺴﻟﺍ ﻦﻤﻀﺘﺗﻭ ،ﺔﻴﺳﺎﺳﺃ ﺔﻴﻟﺎﻣ ﺕﺍﻭﺩﺃ ﺓﺮﺿﺎﳊﺍ ﻝﺎﳌﺍ ﺱﺃﺭ ﻕﺍﻮﺳﺃ . ـ ﻭ ﺔﻘﺘﺸﻣ ﺔﻴﻟﺎﻣ ﺕﺍﻭﺩﺃ - ﺎﻘﺣﻻ ﺎﻬﻴﻓ ﻞﻴﺼﻔﺘﻟﺍ ﻢﺘﻴﺳ - . ] ،ﻱﺪﻨﻫ 2003 ، ﺹ . 5 .[ ﻷ ﻒﻳﺮﻌﺗ ﻡﺪﻘﻧ ﻲﻠﻳ ﺎﻤﻴﻓﻭ ﺕﺍﻭﺩﻷﺍ ﻩﺬﻫ ﻢﻫ : ﺃ ـ ﺪﻨﺴﻟﺍ : ﺓﺩﺎﻋ ﻞﺟﻷﺍ ﻞﻳﻮﻃ ﺽﺮﻗ ﻦﻣ ﺀﺰﺟ ﻞﺜﳝ ﻚﺻ ﻪﻧﺄﺑ ﺪﻨﺴﻟﺍ ﻑﺮﻌﻳ . ﺭﺪﺼﺗﻭ ﻦﻣ ﺕﺍﺪﻨﺴﻟﺍ ﻞﺜﲤﻭ ،ﻝﻭﺍﺪﺘﻠﻟ ﺔﻠﺑﺎﻗ ﺓﺪﺣﻮﻣ ﺔﻤﻴﻘﺑ ﺔﻴﲰﺍ ﺕﺍﺩﺎﻬﺷ ﻞﻜﺷ ﰲ ﺕﺍﺪﻨﺴﻟﺍ ﺕﺎﻛﺮﺸﻟﺍ ﺕﺍﺫ ﺔﻳﻭﺎﺴﺘﻣ ﺎﻗﻮﻘﺣ ﺭﺪﺼﳌﺍ ﺎﳊ ﺔﻛﺮﺸﻟﺍ ﺔﻬﺟﺍﻮﻣ ﰲ ﺎﻬﻴﻠﻣ ] . ﺩﺎﲨ ، 2002 ، ﺹ . 24 .[ ﺕﺍﺪﻨﺴﻟﺍ ﻲﻄﻌﺗﻭ ﺪﺋﺎﻋ ﻰﻠﻋ ﻝﻮﺼﳊﺍ ﰲ ﻖﳊﺍ ﺎﻬﺘﻠﻤﳊ ) ﺓﺪﺋﺎﻓ ( ﻱﺭﻭﺩ . ﺎﻬﻨﻣ ﺮﻛﺬﻧ ﺕﺍﺪﻨﺴﻟﺍ ﻥﺄﺸﺑ ﺔﺜﻳﺪﺣ ﺕﺎﻫﺎﲡﺍ ﺕﺮﻬﻇ ﺪﻗﻭ : ،ﻥﻮﺑﻮﻛ ﻞﻤﲢ ﻻ ﱵﻟﺍ ﺕﺍﺪﻨﺴﻟﺍ ﻮﺒﻜﺑ ﺕﺍﺪﻨﺴﻟﺍﻭ ،ﻢﻬﺳﺃ ﱃﺇ ﻞﻳﻮﺤﺘﻠﻟ ﺔﻠﺑﺎﻘﻟﺍ ﺕﺍﺪﻨﺴﻟﺍﻭ ﺕﺍﺪﻨﺴﻟﺍﻭ ،ﺕﺍﺪﻨﺴﻟﺍ ﰲ ﺏﺎﺘﺘﻛﻻﺍ ﺕﺎﻧ ﺕﺍﺪﻨﺴﻟﺍﻭ ﻙﺮﺤﺘﳌﺍ ﻝﺪﻌﳌﺍ ﺕﺍﺫ ﺕﺍﺪﻨﺴﻟﺍﻭ ،ﺔﻧﻮﻤﻀﳌﺍ ﲑﻏ ﺕﺍﺪﻨﺴﻟﺍﻭ ،ﺔﻨﻴﻌﻣ ﻝﻮﺻﺄﺑ ﺔﻧﻮﻤﻀﳌﺍ ﺕﺍﺪﻨﺴﻟﺍﻭ ،ﺔﻛﺭﺎﺸﳌﺍ ﺕﺍﺪﻨﺳﻭ ،ﺓﺩﻮﳉﺍ ﺔﻀﻔﺨﻨﻣ ﺕﺍﺪﻨﺴﻟﺍﻭ ،ﺕﺍﺮﺷﺆﳌﺎﺑ ﺔﻄﺒﺗﺮﳌﺍ ﺕﺍﺫ ﻞﺧﺪﻟﺍ ﺎﻫﲑﻏﻭ ﺔﻴﻣﻮﻜﳊﺍ ﺕﺍﺪﻨﺴﻟﺍﻭ . ﺏ ـ ﻢﻬﺴﻟﺍ : ﺒﺜﻳ ﻚﺻ ﻪﻧﺄﺑ ﻢﻬﺴﻟﺍ ﻑﺮﻌﻳ ﰲﺎﺻ ﺔﻴﻜﻠﻣ ﰲ ﺔﻌﺋﺎﺷ ﺔﺼﺣ ﰲ ﻖﳊﺍ ﻪﺒﺣﺎﺼﻟ ﺖ ﺔﳘﺎﺴﻣ ﺔﻛﺮﺷ ﻝﻮﺻﺃ . ﻪﻜﻠﳝ ﺎﻣ ﺐﺳﺎﻨﺗ ﺔﻛﺮﺸﻟﺍ ﺡﺎﺑﺭﺃ ﻦﻣ ﺔﺼﺣ ﻰﻠﻋ ﻝﻮﺼﳊﺍ ﰲ ﻖﳊﺍ ﻦﻤﻀﻳﻭ ﻴﻟﻭﺆﺴﻣ ﻥﻮﻜﺗﻭ ،ﻢﻬﺳﺃ ﻦﻣ ﻢﻬﺳﺃ ﻦﻣ ﻪﻜﻠﳝ ﺎﻣ ﺭﺍﺪﻘﲟ ﺓﺩﻭﺪﳏ ﻢﻫﺎﺴﳌﺍ ﺔ ] . ،ﺩﺎﲨ 2002 ﺹ ، . 20 .[ ﺓﺯﺎﺘﻤﳌﺍ ﻢﻬﺳﻷﺍﻭ ﺔﻳﺩﺎﻌﻟﺍ ﻢﻬﺳﻷﺍ ﲔﺑ ﺰﻴﳕﻭ : ﺏ 1 ـ ﻷﺍ ﺔﻳﺩﺎﻌﻟﺍ ﻢﻬﺳ : ﻦﻣ ﻯﺮﺧﻷﺍ ﻉﺍﻮﻧﻷﺍ ﻰﻠﻋ ﺔﻴﻠﻀﻓﺃ ﻭﺃ ﺯﺎﻴﺘﻣﺍ ﻱﺃ ﺎﳍ ﺲﻴﻟ ﻢﻬﺳﺃ ﻲﻫ ﻭ ،ﻢﻬﺳﻷﺍ ﺗ ﻲﻠﻳ ﺎﻤﻴﻓ ﺎﻬﺘﻠﲪ ﻕﻮﻘﺣ ﻢﻫﺃ ﻞﺜﻤﺘ :
ـ ﻢﻬﺳﺃ ﻦﻣ ﻪﻜﻠﳝ ﺎﻣ ﺔﻤﻴﻘﺑ ﺔﻛﺮﺸﻟﺍ ﻝﻮﺻﺃ ﻦﻣ ﺔﺼﺣ ﰲ ﻖﳊﺍ . ـ ﺓﺩﺎﻬﺷ ﻰﻠﻋ ﻝﻮﺼﳊﺍ ﻖﺣ ﺎﻬﻜﻠﺘﳝ ﱵﻟﺍ ﺔﻳﺩﺎﻌﻟﺍ ﻢﻬﺳﻷﺍ ﺔﻴﻜﻠﻣ . ـ ﺁ ﺺﺨﺸﻟ ﻢﻬﺳﻸﻟ ﻪﺘﻴﻜﻠﻣ ﻞﻳﻮﲢ ﻖﺣ ﺮﺧ . ـ ﺎﻬﻌﻳﺯﻮﺗ ﺭﺮﻘﺘﻳ ﱵﻟﺍ ﺔﻘﻘﶈﺍ ﺡﺎﺑﺭﻷﺍ ﻰﻠﻋ ﻝﻮﺼﳊﺍ ﻖﺣ . ـ ﻢﻬﺳﺃ ﻦﻣ ﻪﻜﻠﺘﳝ ﺎﻣ ﺔﺒﺴﻨﺑ ﺖﻳﻮﺼﺘﻟﺍ ﻖﺣﻭ ﺔﻴﻣﻮﻤﻌﻟﺍ ﺕﺎﻴﻌﻤﳉﺍ ﺭﻮﻀﺣ ﻖﺣ ] . ،ﺪﺒﻌﻟﺍﻭ ﻱﻭﺎﻨﳊﺍ 2002 ، ﺹ . 34 .[ ﺔﻳﺩﺎﻌﻟﺍ ﻢﻬﺳﻷﺍ ﺎﻬﺘﻣﺪﻘﻣ ﻲﻗ ﺔﻳﺩﺎﻌﻟﺍ ﻢﻬﺳﻷﺍ ﻦﻣ ﺓﺪﻳﺪﺟ ﻉﺍﻮﻧﺃ ﺓﲑﺧﻷﺍ ﺕﺍﻮﻨﺴﻟﺍ ﰲ ﺕﺮﻬﻇ ﺪﻗﻭ ﻷﺍ ،ﺔﻴﺟﺎﺘﻧﻹﺍ ﻡﺎﺴﻗﻸﻟ ﻟﺍ ﺽﺮﻓ ﻞﺒﻗ ﻢﺼﲣ ﱵﻟﺍ ﺕﺎﻌﻳﺯﻮﺘﻟﺍ ﺕﺍﺫ ﺔﻳﺩﺎﻌﻟﺍ ﻢﻬﺳ ﻳﺮﻀ ﺔﻳﺩﺎﻌﻟﺍ ﻢﻬﺳﻷﺍﻭ ﺔﺒ ﺔﻤﻴﻘﻟﺍ ﺔﻧﻮﻤﻀﻣ . ﺏ 2 ـ ﺓﺯﺎﺘﻤﳌﺍ ﻢﻬﺳﻷﺍ : ﻊﻤﲡ ﻲﻬﻓ ،ﺔﻳﺩﺎﻌﻟﺍ ﻢﻬﺳﻷﺍﻭ ﺕﺍﺪﻨﺴﻟﺍ ﲔﺑ ﺓﺯﺎﺘﻤﳌﺍ ﻢﻬﺳﻷﺍ ﻊﻘﺗ ﻟﻭﻷﺍﻭ ﺪﺋﺎﻌﻟﺍ ﺕﺎﺒﺛ ﺚﻴﺣ ﻦﻣ ﺕﺍﺪﻨﺴﻟﺍ ﻪﺒﺸﺗ ﺫﺇ ،ﲔﻋﻮﻨﻟﺍ ﲔﺑ ﺎﻬﺼﺋﺎﺼﺧ ﰲ ﻮ ،ﻪﻴﻠﻋ ﻝﻮﺼﳊﺍ ﰲ ﺔﻳ ﲪ ﻞﺒﻗ ﺔﻴﻔﺼﺘﻟﺍ ﺪﻨﻋ ﻝﺎﳊﺍ ﻚﻟﺬﻛﻭ ﺔﻳﺩﺎﻌﻟﺍ ﻢﻬﺳﻷﺍ ﺔﻠ . ﻲﻬﻓ ﺎﻫﺪﺟﺍﻮﺗ ﰲ ﺔﻳﺩﺎﻌﻟﺍ ﻢﻬﺳﻷﺍ ﻪﺒﺸﺗ ﻲﻫﻭ ﺔﻤﺋﺍﺩ ] . ،ﻲﻔﻨﺣ 2000 ، ﺹ . 93 [ ﻴﻟﻭﺆﺴﻣ ﻥﺃﻭ ،ﺔﻴﻜﻠﻣ ﺪﻨﺘﺴﻣ ﺎﻀﻳﺃ ﻞﺜﳝ ﺯﺎﺘﻤﳌﺍ ﻢﻬﺴﻟﺍ ﻥﺃ ﱃﺇ ﺔﻓﺎﺿﺇ ﺔ ﻪﺘﳘﺎﺴﻣ ﺭﺍﺪﻘﲟ ﺓﺩﻭﺪﳏ ﻪﻠﻣﺎﺣ . ﺇ ﺡﺎﺑﺭﻷﺍ ﰲ ﻢﻬﺒﻴﺼﻨﺑ ﺔﺒﻟﺎﻄﳌﺍ ﻢﻬﺳﻷﺍ ﻩﺬﻫ ﺔﻠﻤﳊ ﻖﳛ ﻻ ﺎﻤﻛ ﺍﺫﺇ ﻻ ﺕﺎﻌﻳﺯﻮﺗ ﺀﺍﺮﺟﺇ ﺓﺭﺍﺩﻹﺍ ﺕﺭﺮﻗ . ﺓﺯﺎﺘﻤﳌﺍ ﻢﻬﺳﻷﺍ ﻙﺎﻨﻬﻓ ،ﺓﺯﺎﺘﻤﳌﺍ ﻢﻬﺳﻷﺍ ﻦﻣ ﻉﺍﻮﻧﺃ ﺓﺪﻋ ﲔﺑ ﺰﻴﳕﻭ ﺃ ﱃﺇ ﻞﻳﻮﺤﺘﻠﻟ ﺔﻠﺑﺎﻘﻟﺍ ﺓﺯﺎﺘﻤﳌﺍ ﻢﻬﺳﻷﺍﻭ ،ﺔﻛﺭﺎﺸﳌﺍ ﺓﺯﺎﺘﻤﳌﺍ ﻢﻬﺳﻷﺍﻭ ،ﺡﺎﺑﺭﻸﻟ ﺔﻌﻤﺍ ﺳ ﺔﻳﺩﺎﻋ ﻢﻬ . ﺟ ـ ﺭﺎﻤﺜﺘﺳﻼﻟ ﺓﺍﺩﺄﻛ ﺔﻳﺭﺎﻤﺜﺘﺳﻻﺍ ﺔﻈﻔﶈﺍ : ﺔﻳﺭﺎﻤﺜﺘﺳﻻﺍ ﺔﻈﻔﶈﺍ " Theportfolio " ﻛﺮﺘﺗ ﺚﻴﺣ ،ﺭﺎﻤﺜﺘﺳﻻﺍ ﺕﺍﻭﺩﺃ ﻦﻣ ﺔﺒﻛﺮﻣ ﺓﺍﺩﺃ ﻲﻫ ﺐ ﻦﻣ ﺜﺘﺳﺍ ﻢﺘﻳ ﺮﺜﻛﺃ ﻭﺃ ﲔﻠﺻﺃ ﻣﻷﺍ ﺭﺎﻤ ﺎﻤ ﻝﺍﻮ . ﻴﻋﻮﻨﻟﺍ ﰲ ﺔﻈﻔﶈﺍ ﻝﻮﺻﺃ ﻒﻠﺘﲣﻭ ﺔ ﰲ ﻒﻠﺘﲣ ﺎﻤﻛ ، ﺓﺩﻮﳉﺍ . ،ﺔﻀﻔﻟﺍﻭ ﺐﻫﺬﻟﺍﻭ ﺕﺍﺭﺎﻘﻌﻟﺍ ﻞﺜﻣ ﺔﻴﻘﻴﻘﺣ ﻝﻮﺻﺃ ﻰﻠﻋ ﻱﻮﺘﲢ ﻥﺃ ﻦﻜﳝ ﻉﻮﻨﻟﺍ ﺚﻴﺣ ﻦﻤﻓ ﻨﺴﻟﺍﻭ ﻢﻬﺳﻷﺍ ﻞﺜﻣ ﺔﻴﻟﺎﻣ ﻝﻮﺻﺃ ﻰﻠﻋﻭ ﺕﺍﺪ . ﻝﻮﺻﺃ ﻰﻠﻋ ﻱﻮﺘﲢ ﻥﺃ ﻦﻜﻤﻴﻓ ﺓﺩﻮﳉﺍ ﺚﻴﺣ ﻦﻣ ﺎﻣﺃ ﺮﻃﺎﺨﳌﺍ ﺔﻀﻔﺨﻨﻣ ﻯﺮﺧﺃﻭ ﺮﻃﺎﺨﳌﺍ ﺔﻌﻔﺗﺮﻣ ﻝﻮﺻﺃ ﻰﻠﻋﻭ ﺪﺋﺍﻮﻌﻟﺍ ﺔﻌﻔﺗﺮﻣ ﻯﺮﺧﺃﻭ ﺪﺋﺍﻮﻌﻟﺍ ﺔﻀﻔﺨﻨﻣ . ﻱﺭﺎﻫ ﻮﻫ ﺎﻫﺮﻃﺎﳐﻭ ﺎﻫﺪﺋﺍﻮﻋﻭ ﺎﻬﻨﻳﻮﻜﺗ ﺚﻴﺣ ﻦﻣ ﺔﻳﺭﺎﻤﺜﺘﺳﻻﺍ ﺔﻈﻔﶈﺍ ﰲ ﲔﺜﺣﺎﺒﻟﺍ ﺪﺋﺍﺭ ﻥﺇ ﺰﺘﻳﻮﻛﺭﺎﻣ " " ﻥﻮﻨﻌﳌﺍ ﻪﺜﲝ ﰲ " ﶈﺍ ﻰﻠﺜﳌﺍ ﺔﻈﻔ "، ﱃﺇ ﻱﺩﺎﻌﻟﺍ ﺮﻤﺜﺘﺴﳌﺍ ﻰﻌﺴﻳ ﺚﻴﺣ
ﺓﺮﻃﺎﺨﳌﺍ ﻦﻣ ﻦﻜﳑ ﺪﺣ ﱏﺩﺄﺑ ﻦﻜﳑ ﺪﺋﺎﻋ ﱪﻛﺃ ﻪﻟ ﻖﻘﲢ ﱵﻟﺍ ﻱﺃ ،ﻰﻠﺜﳌﺍ ﺔﻳﺭﺎﻤﺜﺘﺳﻻﺍ ﺔﻈﻔﶈﺍ ﻦﻳﻮﻜﺗ . ﻞﺧﺪﺘﺳ ﱵﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﻥﺍﺯﻭﺃ ﻭﺃ ﺐﺴﻧ ﺪﻳﺪﺤﺘﺑ ﻖﻠﻌﺘﳌﺍ ﺭﺍﺮﻘﻟﺍ ﻮﻫ ﻪﺘﻈﻔﳏ ﻦﻳﻮﻜﺗ ﰲ ﻩﺬﺨﺘﻳ ﺭﺍﺮﻗ ﻢﻫﺃﻭ ﳌﺍ ﺭﺍﺮﻗ ﻰﻤﺴﻳﻭ ،ﺔﻈﻔﶈﺍ ﻦﻳﻮﻜﺗ ﰲ ﺩﺪﺤﺘﻳ ﻪﺒﺟﻮﲟ ﻱﺬﻟﺍﻭ ﺝﺰ : ـ ﺔﻈﻔﶈﺍ ﺐﻴﻛﺮﺗ ﰲ ﻞﺧﺪﺘﺳ ﱵﻟﺍ ﺮﺻﺎﻨﻌﻟﺍ ﻭﺃ ﻝﻮﺻﻷﺍ ﻉﻮﻧ . ـ ﺃ ﺯﻭ ﺔﻈﻔﶈﺍ ﻉﻮﻤﳎ ﱃﺇ ﺎﻬﻨﻣ ﻞﻛ ﺔﺒﺴﻧ ﻱﺃ ﻝﻮﺻﻷﺍ ﻩﺬﻫ ﻥﺍ . ﺎﳘ ﲔﻳﻮﺘﺴﻣ ﻰﻠﻋ ﺝﺰﳌﺍ ﺭﺍﺮﻗ ﺫﺎﲣﺍ ﻢﺘﻳﻭ : ـ ﺗﻭ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺕﻻﺎﳎ ﺭﺎﻴﺘﺧﺎﺑ ﻯﻮﺘﺴﳌﺍ ﺍﺬﻫ ﻖﻠﻌﺘﻳﻭ ،ﺓﺪﺣﺍﻭ ﺓﺪﺣﻮﻛ ﺎﻬﻌﻴﲨ ﺔﻈﻔﶈﺍ ﻯﻮﺘﺴﻣ ﺩﺪﺤﺘ ﲔﺑ ﺔﻈﻔﶈﺍ ﺔﺋﺰﲡ ﺐﺴﻧ ﻪﺒﺟﻮﲟ ﺔﻴﻟﺎﳌﺍ ﻝﻮﺻﻷﺍﻭ ﺔﻘﻴﻘﳊﺍ ﻝﻮﺻﻷﺍ . ـ ﻞﻛ ﺔﺋﺰﲡ ﺐﺴﻧ ﻪﺒﺟﻮﲟ ﺩﺪﲢﻭ ﻝﺎﳎ ﻞﻛ ﰲ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺕﺍﻭﺩﺃ ﺭﺎﻴﺘﺧﺎﺑ ﻖﻠﻌﺘﻳﻭ ﺕﻻﺎﺍ ﻯﻮﺘﺴﻣ ﻪﻴﻓ ﺔﻔﻠﺘﺨﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺕﺍﻭﺩﺃ ﲔﺑ ﺔﻔﻠﺘﺨﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺕﻻﺎﳎ ﻦﻣ ﻝﺎﳎ ] . ،ﻥﺎﻀﻣﺭ 1998 ، ﺹ . 76 .[ 3 ـ ﺜﺘﺳﻻﺍ ﻕﺍﻮﺳﺃ ﱄﺎﳌﺍ ﺭﺎﻤ ) ﺔﻴﻟﺎﳌﺍ ﻕﺍﻮﺳﻷﺍ ( : ﺕﺎﺒﻠﻃﻭ ﻊﻴﺑ ﺕﺎﺒﻠﻃ ﻪﻴﻓ ﻊﻤﺠﺘﺗ ﻱﺬﻟﺍ ﱄﻵﺍ ﺮﺗﻮﻴﺒﻤﻜﻟﺍ ﻡﺎﻈﻧ ﻭﺃ ﻥﺎﻜﳌﺍ ﻲﻫ ﺔﻴﻟﺎﳌﺍ ﻕﺍﻮﺳﻷﺍ ﻴﻟﺎﳌﺍ ﻕﺍﻮﺳﻷﺍ ﰲ ﻝﺩﺎﺒﺘﻟﺍ ﺕﺎﻴﻠﻤﻋ ﻚﻳﺮﲢ ﱃﺇ ﺎﻫﺪﻴﻔﻨﺗ ﻱﺩﺆﻳ ﱵﻟﺍﻭ ،ﺔﻴﻟﺎﳌﺍ ﺕﺍﻭﺩﻷﺍ ﺀﺍﺮﺷ ـ ﺔ . ] ،ﱐﺍﺪﻴﳌﺍ 2002 [ ﻣ ﲔﻋﻮﻧ ﻰﻠﻋ ﺔﻴﻟﺎﳌﺍ ﻕﺍﻮﺳﻷﺍ ﻡﻮﻬﻔﻣ ﻞﻤﺸﻳﻭ ﺎﳘ ﻕﺍﻮﺳﻷﺍ ﻦ : ﺱﺃﺭ ﻕﺍﻮـﺳﺃﻭ ﺪﻘﻨﻟﺍ ﻕﺍﻮﺳﺃ ﻝﺎﳌﺍ . ﺳﺎﺳﺃ ﻝﺎﳌﺍ ﺱﺃﺭ ﻕﺍﻮﺳﺃ ﻦﻋ ﺪﻘﻨﻟﺍ ﻕﺍﻮﺳﺃ ﻒﻠﺘﲣﻭ ﺎ ﱵـﻟﺍ ﺔﻴﻟﺎﳌﺍ ﺕﺍﻭﺩﻷﺍ ﻕﺎﻘﺤﺘﺳﺍ ﻝﺎﺟﺁ ﰲ ﻟﺍ ﻦﻣ ﻞﻛ ﰲ ﺎﳍﻭﺍﺪﺗ ﻱﺮﳚ ﺴ ﰲﻭ ،ﲔﺘﻗﻮ ﻟﺍ ﻦﻣ ﻞﻛ ﰲ ﺔﻠﻣﺎﻌﻟﺍ ﺔﻴﻟﺎﳌﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺔﻌﻴﺒﻃ ـﺴ ﰲﻭ ،ﲔﻗﻮ ﺎﳍﻭﺍﺪﺗ ﻢﺘﻳ ﱵﻟﺍ ﺔﻴﻟﺎﳌﺍ ﺕﺍﻭﺩﻷﺍ ﻉﻮﻧ . ﺃ ـ ﺪﻘﻨﻟﺍ ﻕﺍﻮﺳﺃ : ﺓﺮﺘﻓ ﻞﻘﺗ ﱵﻟﺍ ﻱﺃ ﻞﺟﻷﺍ ﺓﲑﺼﻗ ﺔﻴﻟﺎﳌﺍ ﺕﺍﻭﺩﻷﺎﺑ ﺪﻘﻨﻟﺍ ﻕﺍﻮﺳﺃ ﻞﻣﺎﻌﺘﺗ ﻕﺍﻮﺳﺃ ﰲ ﺔﻠﻣﺎﻌﻟﺍ ﺔﻴﺴﻴﺋﺮﻟﺍ ﺔﻴﻟﺎﳌﺍ ﺕﺎﺴﺳﺆﳌﺍ ﺔﻳﺭﺎﺠﺘﻟﺍ ﻑﺭﺎﺼﳌﺍ ﻞﻜﺸﺗﻭ ،ﺔﻨﺴﻟﺍ ﻦﻋ ﺎﻬﻗﺎﻘﺤﺘﺳﺍ ﻟﺍﻨ ﺔﻨﻳﺰﳋﺍ ﺕﺎﻧﻭﺫﺄﺑ ﻞﻣﺎﻌﺘﻟﺍ ﰲ ﲔﺼﺼﺨﺘﳌﺍ ﺀﻼﻛﻮﻟﺍﻭ ﺕﻼﻤﻌﻟﺍ ﺔﻓﺍﺮﺻ ﺕﺎﻛﺮﺷ ﱃﺇ ﺔﻓﺎﺿﺇ ،ﺪﻘ . ﻦﻣ ﻷﺍ ﺪﳒ ﺪﻘﻨﻟﺍ ﻕﻮﺳ ﰲ ﺎﳍﻭﺍﺪﺗ ﻢﺘﻳ ﱵﻟﺍ ﺔﻴﻟﺎﳌﺍ ﺕﺍﻭﺩ : ﺔﻴﻓﺮﺼﳌﺍ ﻊﺋﺍﺩﻮﻟﺍ ) ﺭﺎﺧﺩﻻﺍ ﻊﺋﺍﺩﻭﻭ ﻞﺟﻷ ﻊﺋﺍﺩﻭ
time and saving deposits
( ﻉﺍﺪﻳﻹﺍ ﺕﺍﺩﺎﻬﺷ ، ) CDS ) ( Certificates of Deposit ( ﺕﻻﻮﺒﻘﻟﺍ ﺔﻴﻓﺮﺼﳌﺍ ) Banker'sAcceptances ( ﺔﻨﻳﺰﳋﺍ ﺕﺎﻧﻭﺫﺃﻭ ] . ،ﱐﺍﺪﻴﳌﺍ 2002 [.
ﺼﳌﺍ ﱪﺘﻌﻳﻭ ﱵﻟﺍ ﺔﻳﺪﻘﻨﻟﺍ ﺔﻄﻠﺴﻟﺍ ﻪﻧﻮﻛ ﺪﻘﻨﻟﺍ ﻕﻮﺳ ﰲ ﺔﻛﺭﺎﺸﳌﺍ ﺕﺎﺴﺳﺆﳌﺍ ﻢﻫﺃ ﻱﺰﻛﺮﳌﺍ ﻑﺮ ﺐﺳﺎﻨﺘﻳ ﺎﲟ ﺔﻳﺪﻘﻨﻟﺍ ﺔﺳﺎﻴﺴﻟﺍ ﺮﺑﺪﺗﻭ ﻊﻀﺗ ﻣ ﺔﻳﺪﻘﻨﻟﺍ ﺔﺳﺎﻴﺴﻟﺍ ﻑﺍﺪﻫﺃﻭ ﺔﻳﺩﺎﺼﺘﻗﻻﺍ ﻉﺎﺿﻭﻷﺍ ﻊ . ﺏ ـ ﻝﺎﳌﺍ ﺱﺃﺭ ﻕﺍﻮﺳﺃ : ﻞﺟﻷﺍ ﺔﻠﻳﻮﻃ ﺔﻴﻟﺎﳌﺍ ﺕﺍﻭﺩﻷﺎﺑ ﻝﺎﳌﺍ ﺱﺃﺭ ﻕﺍﻮﺳﺃ ﻞﻣﺎﻌﺘﺗ . ﺮﻛﺬﻧ ﻝﺎﳌﺍ ﺱﺃﺭ ﻕﻮﺳ ﺕﺍﻭﺩﺃ ﻦﻣ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍﻭ ﺕﺍﺭﺎﻴﳋﺍ ﻭ ﺕﺍﺪﻨﺴﻟﺍﻭ ﻢﻬﺳﻷﺍ . ﻒﻴﻨﺼﺗ ﻦﻜﳝﻭ ﺳﺎﺳﺃ ﻝﺎﳌﺍ ﺱﺃﺭ ﻕﺍﻮﺳﺃ ﺎ ﺔﻳﻮﻧﺎﺛ ﻕﺍﻮﺳﺃﻭ ﺔﻴﻟﻭﺃ ﻕﺍﻮﺳﺃ ﱃﺇ . ﺏ 1 ـ ﱄﻭﻷﺍ ﻝﺎﳌﺍ ﺱﺃﺭ ﻕﺍﻮﺳﺃ : )
Market primary capital
( ﺎﻬﻴﻓ ﻢﺘﻳ ﱵﻟﺍ ﻕﺍﻮﺳﻷﺍ ﻲﻫ ﺔﻴﻟﺎﳌﺍ ﻕﺍﺭﻭﻷﺍ ﻦﻣ ﺓﺪﻳﺪﳉﺍ ﺕﺍﺭﺍﺪﺻﻹﺍ ﻊﻴﺑﻭ ﺞﻳﻭﺮﺗ ، ﺕﺍﺪﻨﺳﻭ ﻢﻬﺳﺃ ﻦﻣ ﺕﺍﺪﻨﺳﻭ ﺕﺎﻛﺮﺸﻟﺍ ﺔﻨﻳﺰﳋﺍ . ﺭﺍﺪﺻﻹﺍ ﻦﻤﻀﻳ ﻲﺴﻴﺋﺭ ﺭﺎﻤﺜﺘﺳﺍ ﻚﻨﺑ ﻝﻼﺧ ﻦﻣ ﺔﻴﻠﻤﻌﻟﺍ ﻢﺘﺗﻭ . ﺭﺎﻤﺜﺘﺳﻻﺍ ﻚﻨﺑ ﱪﺘﻌﻳﻭ ﱄﻭﻷﺍ ﱄﺎﳌﺍ ﺱﺃﺭ ﻕﻮﺳ ﰲ ﺔﻠﻣﺎﻌﻟﺍ ﺔﻴﺴﻴﺋﺮﻟﺍ ﺔﺴﺳﺆﳌﺍ ] ،ﱐﺍﺪﻴﳌﺍ 2002 .[ ﺏ 2 ـ ﻱﻮﻧﺎﺜﻟﺍ ﻝﺎﳌﺍ ﺱﺃﺭ ﻕﺍﻮﺳﺃ ) ﺔﻴﻟﺎﳌﺍ ﻕﺍﺭﻭﻷﺍ ﺕﺎﺻﺭﻮﺑ ( : ﺎﻬﻴﻓ ﻢﺘﻳ ﱵﻟﺍ ﻕﺍﻮﺳﻷﺍ ﻲﻫ ﻷﺍ ﻝﻭﺍﺪﺗ ﺓﺭﺩﺎﺼﻟﺍ ﺔﻴﻟﺎﳌﺍ ﻕﺍﺭﻭ ) ﺔﻤﺋﺎﻘﻟﺍ outstanding shares ( ﻞﺜﻣ ﻢﻬﺳﻷﺍ ﺕﺎﺻﺭﻮﺑ ﺎﻀﻳﺃ ﻰﻋﺪﺗﻭ ) NYSE ( New York Stock Exchange ﻭ
) AMEX ( American Stock Exchange
. ﻕﺍﻮﺳﻷﺍ ﰲ ﻢﺘﻳ ﺕﺎﻘﺘﺸﳌﺍ ﺾﻌﺑ ﱃﺇ ﺔﻓﺎﺿﺇ ﱄﻭﻷﺍ ﻕﻮﺴﻟﺍ ﰲ ﺎﻫﺭﺍﺪﺻﺇ ﰎ ﱵﻟﺍ ﺕﺍﺪﻨﺴﻟﺍﻭ ﻢﻬﺳﻷﺍ ﻝﻭﺍﺪﺗ ﺔﻳﻮﻧﺎﺜﻟﺍ ﻞﺜﻣ ﺔﻴﻟﺎﳌﺍ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺩﻮﻘﻌﻟﺍﻭ ﻢﻬﺳﻷﺍ ﺕﺍﺭﺎﻴﺧ . ﻼﻤﻌﻟﺍ ﻝﺎﳌﺍ ﺱﺃﺭ ﻕﺍﻮﺳﺃ ﰲ ﻥﻮﻴﺳﺎﺳﻷﺍ ﺀ ،ﺔﻳﻮﻧﺎﺜﻟﺍ ﺩﺍﺮﻓﺃ ﲔﻋﻮﻧ ﻰﻠﻋ ﻥﻭﺮﻤﺜﺘﺴﳌﺍﻭ ،ﺔﻴﻟﺎﳌﺍ ﻕﺍﺭﻭﻸﻟ ﺓﺭﺪﺼﳌﺍ ﺕﺎﻛﺮﺸﻟﺍ ﺍﻮﺴﻴﻟﻭ ﻥﻭﺮﻤﺜﺘﺴﳌﺍ ﻢﻫ ﺕﺎﺴﺳﺆﻣﻭ . ﲔﻤﺴﻗ ﱃﺇ ﺎﻫﺭﻭﺪﺑ ﺔﻴﻟﺎﳌﺍ ﻕﺍﺭﻭﻷﺍ ﺕﺎﺻﺭﻮﺑ ﻢﺴﻘﻨﺗﻭ : ـ ﺔﻤﻈﻨﻣ ﺕﺎﺻﺭﻮﺑ :
Organized Securites Exchanges
ـ ﺔﻤﻈﻨﻣ ﲑﻏ ﺕﺎﺻﺭﻮﺑﻭ ) ﺔﻴﲰﺭ ﲑﻋ ﺕﺎﺻﺭﻮﺑ ) : ( OCT (
Over the Counter SecuritiesMarkets
ﺏ ـ 2 ـ 1 ـ ﺔﻤﻈﻨﳌﺍ ﺕﺎﺻﺭﻮﺒﻟﺍ : ﺽﺮﻌﻟﺍ ﻯﻮﻗ ﺎﻬﻴﻓ ﻊﻤﺠﺘﺗ ،ﺔﻳﺰﻛﺮﻣ ﺕﺎﺴﺳﺆﻣ ﻲﻫ ﺔﺻﺭﻮﺒﻟﺍ ﺔﻫﺩﺭ ﻮﻫ ﺪﺣﺍﻭ ﻥﺎﻜﻣ ﰲ ،ﺔﻤﺋﺎﻘﻟﺍ ﺔﻴﻟﺎﳌﺍ ﻕﺍﺭﻭﻷﺍ ﻰﻠﻋ ﺐﻠﻄﻟﺍﻭ . ﰲ ﻝﻭﺍﺪﺘﻟﺍ ﺔﻴﻠﻤﻋ ﻢﺘﺗﻭ ﺒﻟﺍ ﺓﺪﻳﺍﺰﳌﺍ ﻡﺎﻈﻧ ﻝﻼﺧ ﻦﻣ ﺔﻤﻈﻨﳌﺍ ﺕﺎﺻﺭﻮ ) ﲏﻠﻌﻟﺍ ﺩﺍﺰﳌﺍ ( Auction . ﺔﻤﻈﻨﳌﺍ ﺕﺎﺻﺭﻮﺒﻟﺍ ﻢﻫﺃ ﻞﻌﻟﻭ ﺩﻮﺟﻮﻣ ﻮﻟﺍ ﰲ .ﻡ . ﻙﺎﻨﻬﻓ ﺃ ﻙﺭﻮﻳﻮﻴﻧ ﺔﺻﺭﻮﺑ (NYSE) ﻭ ﺮﻣﻷﺍ ﺔﺻﺭﻮﺒﻟﺍ ﻳ ﺔﻴﻜ (AMEX) ﳘﻼﻛﻭ ﺎ ﻙﺭﻮﻳﻮﻴﻧ ﺔﻨﻳﺪﻣ ﰲ ﺩﻮﺟﻮﻣ . ﺔﻴﻤﻴﻠﻗﻹﺍ ﺕﺎﺻﺭﻮﺒﻟﺍ ﺎﻀﻳﺃ ﻙﺎﻨﻫ Regional Exchanges ﰲ ﺓﺪﺟﺍﻮﺘﳌﺍ ﻥﺪﻣ : ﺷ ﱐﺎﻨﻴﺴﻨﻴﺳ ،ﻦﻄﺳﻮﺑ ،ﺎﻴﻔﻟﺩﻼﻴﻓ ،ﻮﻜﺴﻴﺴﻧﺍﺮﻓ ﻥﺎﺳ ،ﺲﻠﳒﺃ ﺱﻮﻟ ،ﻮﻏﺎﻜﻴ ] ،ﱐﺍﺪﻴﳌﺍ 2002 .[
ﺏ ـ 2 ـ 2 ـ ﺔﻴﲰﺭ ﲑﻐﻟﺍ ﺕﺎﺻﺭﻮﺒﻟﺍ ) OTC ( : ﺔﻴﻧﻭﺮﺘﻜﻟﺇ ﺕﻻﺎﺼﺗﺍ ﺔﻜﺒﺷ ﻦﻣ ﺓﺩﺎﻋ ﻒﻟﺄﺘﺗ TelecommunicationNetwork ﺪﺣﺍﻭ ﻥﺎﻜﻣ ﰲ ﺓﺭﻮﺼﳏ ﲑﻋ ﺎﺃ ﻱﺃ ،ﺔﻔﻠﺘﳐ ﻦﻛﺎﻣﺃ ﱃﺇ ﺔﻠﺻﻮﻣ . ﻢﺘﺗ ﺍﺪﺘﻟﺍ ﺕﺎﻴﻠﻤﻋ ﺽﻭﺎﻔﺘﻟﺍ ﺔﻘﻳﺮﻄﺑ ﺔﻴﲰﺮﻟﺍ ﲑﻏ ﻕﻮﺴﻟﺍ ﰲ ﻝﻭ ) Negociation ( ﺀﻼﻛﻭﻭ ﻦﻳﺮﻤﺜﺘﺴﳌﺍ ﲔﺑ ﻢﻬﺳﻷﺍ ) Dealers ( ﻲﺋﺎﻬﻨﻟﺍ ﺮﻌﺴﻟﺍ ﺪﻳﺪﺤﺘﻟ ﺮﺗﻮﻴﺒﻤﻜﻟﺍ ﻰﻠﻋ ﻢﻫﺭﺎﻌﺳﺃ ﻥﻮﻨﻠﻌﻳ ﻦﻳﺬﻟﺍ . ﻝﺎﺜﻣ ﻢﻫﺃ ﻞﻌﻟﻭ ﺔﻴﻜﻳﺮﻣﻷﺍ ﻙﺍﺩﺯﺎﻨﻟﺍ ﻮﻫ ﺔﻴﲰﺭ ﲑﻐﻟﺍ ﺕﺎﺻﺭﻮﺒﻟﺍ ﻰﻠﻋ ) NASDAQ ) ( National Association of
Securities Dealers Automated Quotation ( ﲔﻤﺴﻗ ﱃﺇ ﺎﻫﺭﻭﺪﺑ ﺔﻴﲰﺮﻟﺍ ﲑﻏ ﻕﻮﺴﻟﺍ ﻢﺴﻘﻨﺗﻭ : ﺏ ـ 2 ـ 2 ـ 1 ـ ﺔﺜﻟﺎﺜﻟﺍ ﺕﺎﺻﺭﻮﺒﻟﺍ : ﱵﻟﺍ ﺔﻴﲰﺮﻟﺍ ﲑﻏ ﻕﻮﺴﻟﺍ ﻦﻣ ﺀﺰﺟ ﻲﻫ ﻝﻭﺍﺪﺗ ﺎﻬﻴﻓ ﻱﺮﳚ ﻕﻮﺴﻟﺍ ﻩﺬﻫ ﻡﺪﲣ ،ﺔﻴﻜﻳﺮﻣﻷﺍ ﻙﺭﻮﻳﻮﻴﻧ ﱵﺻﺭﻮﺑ ﻞﺜﻣ ﺔﻤﻈﻨﻣ ﺕﺎﺻﺭﻮﺑ ﰲ ﺔﺟﺭﺪﻣ ﺔﻴﻟﺎﻣ ﻕﺍﺭﻭﺃ ﻴﺴﻴﺋﺮﻟﺍ ﺎﻬﻨﺋﺎﺑﺯ ﺽﺍﺮﻏﺃ ﲔﻴﺗﺎﺴﺳﺆﻣ ﻦﻳﺮﻤﺜﺘﺴﻣ ﻦﻣ ﲔ ) ﺪﻋﺎﻘﺘﻟﺍ ﻖﻳﺩﺎﻨﺻﻭ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻖﻳﺩﺎﻨﺻ ﻞﺜﻣ ﺭﺎﺒﻜﻟﺍ ﺩﺍﺮﻓﻷﺍ ﻦﻳﺮﻤﺜﺘﺴﳌﺍ ﺾﻌﺑﻭ ﲔﻣﺄﺘﻟﺍ ﺕﺎﻛﺮﺷﻭ ﻙﻮﻨﺒﻟﺍﻭ ( ﺓﲑﺒﻛ ﺕﺎﻘﻔﺻ ﻞﻤﻋ ﻦﻣ ﻢﻬﻨﻜﻤﺘﻓ ﺔﻀﻔﺨﻨﻣ ﻒﻴﻟﺎﻜﺘﺑ . ﺔﻟﻮﻤﻌﻟﺍ ﺕﻻﺪﻌﻣ ﻰﻠﻋ ﺽﻭﺎﻔﺘﻟﺍ ﻦﻣ ﺓﲑﺒﻜﻟﺍ ﺕﺎﻘﻔﺼﻟﺍ ﰲ ﻊﺒﺘﳌﺍ ﻡﺎﻈﻨﻟﺍ ﻦﻜﳝﻭ ﻦﻣ ﱏﺩﺃ ﺕﻻﺪﻌﻣ ﱃﺇ ﻞﺻﻮﺘﻟﺍﻭ ﺔﻤﻈﻨﳌﺍ ﺕﺎﺻﺭﻮﺒﻟﺍ ﰲ ﺓﺪﻤﺘﻌﳌﺍ ﻚﻠﺗ . ﺏ ـ 2 ـ 2 ـ 2 ـ ﺔﻌﺑﺍﺮﻟﺍ ﺕﺎﺻﺭﻮﺒﻟﺍ : ﺓﲑﺒﻜﻟﺍ ﺕﺎﻛﺮﺸﻟﺍ ﲔﺑ ﺮﺷﺎﺒﳌﺍ ﻞﻣﺎﻌﺘﻠﻟ ﻕﻮﺳ ﻲﻫ ﺔﻴﻟﺎﻣ ﻕﺍﺭﻭﺃ ﺭﺎﲡ ﻭﺃ ﺓﺮﺳﺎﲰ ﱃﺇ ﺔﺟﺎﳊﺍ ﻥﻭﺩ ،ﻦﻳﺮﻤﺜﺘﺴﳌﺍ ﺀﺎﻴﻨﻏﺃ ﲔﺑﻭ ،ﺔﻴﻟﺎﳌﺍ ﻕﺍﺭﻭﻷﺍ ﺓﺭﺪﺼﻣ . ] ،ﺓﺩﻮﺟ 2000 ، ﺹ . 24 .[ ﻝﻮﺼﳊﺍ ﺕﺍﺰﻴﻣ ﺔﻌﺑﺍﺮﻟﺍ ﻕﻮﺴﻟﺍ ﺮﻓﻮﺗﻭ ﻦﻣ ﻢﻬﺳﻸﻟ ﻦﺴﺣﺃ ﺭﺎﻌﺳﺃ ﻰﻠﻋ ﺇﻭ ﺔﻃﺎﺳﻮﻟﺍ ﺕﻼﻤﻋ ﻦﻣ ﲑﺒﻛ ﲑﻓﻮﺗ ﻖﻴﻘﲢﻭ ﺓﺮﺷﺎﺒﳌﺍ ﺕﺎﺿﻭﺎﻔﳌﺍ ﻝﻼﺧ ﲤ ﺔﻋﺮﺴﺑ ﺕﺎﻘﻔﺼﻟﺍ ﻡﺎ ﻝﻭﺍﺪﺘﻟﺍ ﺕﺎﻴﻠﻤﻋ ﰲ ﺔﻣﺎﺘﻟﺍ ﺔﻳﺮﺴﻟﺍ ﻰﻠﻋ ﺔﻈﻓﺎﶈﺍﻭ . ﺮﻌﳌﺍﻭ ﻭ ﻑ ﺔﻴﻤﻨﺘﻟﺍ ﰲ ﺎﻣﺎﻫﻭ ﺎﻴﺳﺎﺳﺃ ﺍﺭﻭﺩ ﺐﻌﻠﺗ ﻱﻮﻧﺎﺜﻟﺍﻭ ﱄﻭﻷﺍ ﺎﻬﻴﻘﺸﺑ ﻝﺎﳌﺍ ﺱﺃﺭ ﻕﺍﻮﺳﺃ ﻥﺃ ﻥﺃ ﺚﻴﺣ ،ﺔﻳﺩﺎﺼﺘﻗﻻﺍ ﻪﻟ ،ﺓﺀﺎﻔﻜﻟﺎﺑ ﺰﻴﻤﺘﺗ ﺔﻴﻟﺎﻣ ﻕﺍﺭﻭﺃ ﺕﺎﺻﺭﻮﺑﻭ ﺔﻴﻟﻭﺃ ﻝﺎﻣ ﺱﺃﺭ ﻕﺍﻮﺳﺃ ﺩﻮﺟﻭ ﺎﻬﳘﺃ ﻦﻣ ﺓﺪﻳﺪﻋ ﺎﻳﺍﺰﻣ : ـ ﻦﻳﺪﻟﺍﻭ ﺔﻴﻜﻠﳌﺎﺑ ﻞﻳﻮﻤﺘﻟﺍ ﻒﻴﻟﺎﻜﺗ ﺾﻴﻔﲣ ﰲ ﺔﳘﺎﺴﳌﺍ . ـ ﻦﻳﺮﻤﺜﺘﺴﻤﻠﻟ ﺔﻟﻮﻴﺴﻟﺍ ﲑﻓﻮﺗ . ـ ﺍ ﰲ ﺕﺎﺴﺳﺆﳌﺍﻭ ﺕﺍﺭﺍﺩﻹﺍ ﺕﺍﺭﺎﺧﺩﺍ ﺎﻬﻴﻟﺇ ﻪﺠﺘﺗ ﺔﻴﻟﺎﻣ ﺕﺍﻭﺩﺃ ﲑﻓﻮﺗ ﻞﻴﻬﺴﺗ ﻊﻤﺘ . ـ ﺍﺭﺍﺩﺇ ﺰﻴﻔﲢ ﺕﻻﺪﻌﻣﻭ ﺡﺎﺑﺭﻷﺍ ﺓﺩﺎﻳﺯ ﻰﻠﻋ ﻞﻤﻌﻟﺍﻭ ﺀﺍﺩﻷﺍ ﰲ ﺎﺍﺀﺎﻔﻛ ﲔﺴﲢ ﻰﻠﻋ ﺕﺎﻛﺮﺸﻟﺍ ﺕ ﺡﺎﺑﺭﻷﺍ .
ـ ﻲﻣﻮﻘﻟﺍ ﺩﺎﺼﺘﻗﻻﺍ ﰲ ﺔﻴﲝﺮﻟﺍ ﺕﺍﺫ ﺔﻴﻟﺎﲰﺃﺮﻟﺍ ﺕﺍﺭﺎﻤﺜﺘﺳﻻﺍ ﻊﻴﺠﺸﺗ . ـ ﺝﺎﺘﻧﻹﺍ ﺓﺩﺎﻳﺯﻭ ﻞﺧﺪﻟﺍ ﺕﺎﻳﻮﺘﺴﻣ ﻊﻓﺭ . ـ ﻱﺩﺎﺼﺘﻗﻻﺍ ﻮﻤﻨﻟﺍ ﺕﻻﺪﻌﻣ ﻊﻳﺮﺴﺗﻭ ﻢﺨﻀﺘﻟﺍ ﺕﻻﺪﻌﻣ ﺾﻴﻔﲣ ] ،ﱐﺍﺪﻴﳌﺍ 2002 .[ ﺭﺎﺷﻺﻟ ﺔﻴﻠﺒﻘﺘﺴﻣ ﻕﺍﻮﺳﺃﻭ ،ﺓﺮﺿﺎﺣ ﻕﺍﻮﺳﺃ ﱃﺇ ﺎﻀﻳﺃ ﺔﻴﻟﺎﳌﺍ ﻕﺍﻮﺳﻷﺍ ﻢﺴﻘﻨﺗ ﻪﻧﺈﻓ ﺓ : ـ ﻰﻤﺴﺗﻭ ﺍﺭﻮﻓ ﺔﻘﻔﺼﻟﺍ ﺬﻴﻔﻨﺗ ﺎﻬﻴﻓ ﻢﺘﻳ ﺓﺮﺿﺎﳊﺍ ﻕﺍﻮﺳﻷﺍ " spotmarket ". ـ ﻰﻤﺴﺗﻭ ﻞﺒﻘﺘﺴﳌﺍ ﰲ ﺔﻘﻔﺼﻟﺍ ﺬﻴﻔﻨﺗ ﺎﻬﻴﻓ ﻢﺘﻳ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﻕﺍﻮﺳﻷﺍﻭ " futurmarket ". ﱐﺎﺜﻟﺍ ﺐﻠﻄﳌﺍ : ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺮﻃﺎﳐ ﻟﺎﺑ ﺏﻮﻴﻌﻟﺍ ﻦﻣ ﻮﻠﳜ ﻻ ﻩﺃ ﻻﺇ ،ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺎ ﻊﺘﻤﺘﻳ ﱵﻟﺍ ﺎﻳﺍﺰﳌﺍ ﻦﻣ ﻢﻏﺮ : ﺔﻣﺪﻘﻣ ﰲ ﰐﺄﻳ ﺩﺪ ﺮﻃﺎﺨﳌﺍ ﻦﻣ ﺔﻠﻤﲜ ﱄﺎﳌﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻁﺎﺒﺗﺭﺍ ﺏﻮﻴﻌﻟﺍ ﻩﺬﻫ ﺳ ﺰﻛﺮﳌﺍ ﺔﻣﻼ ﺮﻤﺜﺘﺴﻤﻠﻟ ﱄﺎﳌﺍ . ﺬﻫ ﻝﻼﺧ ﻦﻣ ﺎﻬﻨﻴﻴﺒﺗ ﻝﻭﺎﺤﻨﺳ ﺍ ﺐﻠﻄﳌﺍ . 1 ـ ﺎﻤﻬﺳﺎﻴﻗ ﺔﻴﻔﻴﻛﻭ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺮﻃﺎﳐﻭ ﺪﺋﺎﻋ : ﻳ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻰﻠﻋ ﻊﻗﻮﺘﳌﺍ ﺪﺋﺎﻌﻟﺍ ﻝﺪﻌﻣ ﺔﻗﺪﺑ ﺩﺪﳛ ﻥﺃ ﺮﻤﺜﺘﺴﳌﺍ ﻰﻠﻋ ﺐﻌﺼ ﻭ ﻥﺃ ﻊﻴﻄﺘﺴﻳ ﻥﺎﻛ ﻥﺇ ﺪﺋﺎﻌﻟﺍ ﺍﺬﳍ ﱄﺎﻤﺘﺣﻻﺍ ﻊﻳﺯﻮﺘﻠﻟ ﺍﺭﺎﻃﺇ ﻊﻀﻳ . ،ﻦﻳﺮﻤﺜﺘﺴﻤﻠﻟ ﺔﺒﺴﻨﻟﺎﺑ ﻪﺘﻴﳘﺃ ﺪﺋﺎﻌﻠﻟ ﱄﺎﻤﺘﺣﻻﺍ ﻊﻳﺯﻮﺘﻠﻟﻭ ﺍ ﺎﻀﻳﺃ ﺪﻌﻳ ﻞﺑ ،ﺭﺎﻤﺜﺘﺳﻻﺍ ﻦﻋ ﺪﻟﻮﺘﻳ ﻥﺃ ﻊﻗﻮﺘﳌﺍ ﺪﺋﺎﻌﻟﺍ ﺮﻳﺪﻘﺘﻟ ﻞﻴﺒﺴﻟﺍ ﻂﻘﻓ ﺪﻌﻳ ﻻ ﻮﻬﻓ ﺮﻳﺪﻘﺘﻟ ﻞﻴﺒﺴﻟ ﻯﺪﻣ ﻱﺃ ﺪﺋﺎﻌﻟﺍ ﺍﺬ ﺔﻄﻴﶈﺍ ﺮﻃﺎﺨﳌﺍ ﻪﻟ ﺽﺮﻌﺘﻳ ﻥﺃ ﻞﻤﺘﶈﺍ ﺏﺬﺑﺬﺘﻟﺍ . ﺮﻃﺎﺨﳌﺍﻭ ﻊﻗﻮﺘﳌﺍ ﺪﺋﺎﻌﻟﺍ ﻞﺜﳝﻭ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺭﺍﺮﻗ ﺎﻤﻬﺳﺎﺳﺃ ﻰﻠﻋ ﺬﺨﺘﻳ ﻥﺍﺬﻠﻟﺍ ﲔﻴﺳﺎﺳﻷﺍ ﻦﻳﲑﻐﺘﳌﺍ . ﺃ ـ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻦﻣ ﻊﻗﻮﺘﳌﺍ ﺪﺋﺎﻌﻟﺍ : ﻟ ،ﻡﺎﺘﻟﺍ ﺪﻛﺄﺘﻟﺍ ﻞﻇ ﰲ ﻞﻤﻌﻳ ﻱﺭﺎﻤﺜﺘﺳﻻﺍ ﺭﺍﺮﻘﻟﺍ ﺬﺨﺘﻣ ﻥﺃ ﻮﻟ ﺔﻗﺪﺑ ﺩﺪﳛ ﻥﺃ ﻪﻟ ﻦﻜﻤﳌﺍ ﻦﻣ ﻥﺎﻜ ﻭ ،ﺭﺎﻤﺜﺘﺳﻻﺍ ﻦﻣ ﻪﻴﻠﻋ ﻝﻮﺼﳊﺍ ﻊﻗﻮﺘﳌﺍ ﺪﺋﺎﻌﻟﺍ ﺔﻴﻫﺎﻨﺘﻣ ﲑﺴﻳ ﻞﻬﺳ ﻱﺭﺎﻤﺜﺘﺳﻻﺍ ﺭﺍﺮﻘﻟﺍ ﺫﺎﲣﺍ ﺢﺒﺻﻷ . ﺍﺬﻬﻛ ﱂﺎﻋ ﰲﻭ ،ﻞﺒﻘﺘﺴﳌﺍ ﻥﺄﺸﺑ ﺪﻛﺄﺘﻟﺍ ﻡﺪﻋ ﻦﻣ ﺭﺪﻘﺑ ﻢﺴﺘﻳ ﱂﺎﻋ ﰲ ﻞﻤﻌﻧ ﺎﻨﻧﺃ ﺪﻛﺆﻳ ﻊﻗﺍﻮﻟﺍ ﻥﺃ ﲑﻏ ﺍ ﻢﺠﺣ ﺔﻗﺪﺑ ﺩﺪﳛ ﻥﺃ ﺮﻤﺜﺘﺴﳌﺍ ﻰﻠﻋ ﻞﻴﺤﺘﺴﻳ ﻞﺑ ﺐﻌﺼﻳ ﻪﻘﻴﻘﲢ ﻊﻗﻮﺘﻳ ﻱﺬﻟﺍ ﺪﺋﺎﻌﻟ . ﺃ ﲑﻏ ﻧ ﻊﻴﻄﺘﺴﻳ ﻪ ﻥﺯﻭﻭ ﺔﻨﻜﻤﳌﺍ ﺕﻻﺎﻤﺘﺣﻻﺍ ﺩﺪﻋ ﺮﻳﺪﻘﺗ ﻊﻴﻄﺘﺴﻳ ﻱﺃ ،ﺪﺋﺎﻌﻟﺍ ﺍﺬﳍ ﱄﺎﻤﺘﺣﻻﺍ ﻊﻳﺯﻮﺘﻠﻟ ﺍﺭﺎﻃﺇ ﻊﻀﻳ ﻥﺃ ﻪﻠﻇ ﰲ ﻊﻗﻮﺘﳌﺍ ﺪﺋﺎﻌﻟﺍ ﺔﻤﻴﻗﻭ ﻝﺎﻤﺘﺣﺍ ﻞﻛ . ﺪﺣﺍﻮﻟﺍ ﱄﺎﻤﺘﺣﻻﺍ ﻊﻳﺯﻮﺘﻠﻟ ﺔﻴﻠﻜﻟﺍ ﺔﻤﻴﻘﻟﺍ ﺯﻭﺎﺠﺘﺗ ﻻﻭ ﺢﻴﺤﺼﻟﺍ . ﺍ ﺕﺍﲑﻐﺘﳌﺍ ﺮﻳﺪﻘﺗ ﻒﻗﻮﺘﺑ ﻊﺒﻄﻟﺎﺑﻭ ﺔﺛﻼﺜﻟ ) ﺔﻤﻴﻗﻭ ،ﻝﺎﻤﺘﺣﺍ ﻞﻛ ﻥﺯﻭ ،ﺕﻻﺎﻤﺘﺣﻻﺍ ﺩﺪﻋ
ﻝﺎﻤﺘﺣﺍ ﻞﻛ ﻞﻇ ﰲ ﺪﺋﺎﻌﻟﺍ ( ﺭﺍﺮﻘﻟﺍ ﺬﺨﺘﻣ ﻭﺃ ﻞﻠﶈﺍ ﺔﻳﺍﺭﺩﻭ ﺓﱪﺧ ﻰﻠﻋ . ﺔﻤﻴﻗ ﱃﺇ ﻞﻠﶈﺍ ﻞﺻﻮﺗ ﺎﻣ ﺍﺫﺇﻭ ﳌﺍ ﺪﺋﺎﻌﻟﺍ ﺮﻳﺪﻘﺗ ﻪﻨﻜﳝ ﺬﺌﻨﻴﺣ ﺙﻼﺜﻟﺍ ﺕﺍﲑﻐﺘﳌﺍ ﺝﺮﳜ ﻻ ﻱﺬﻟﺍﻭ ،ﺭﺎﻤﺜﺘﺳﻻﺍ ﻦﻣ ﻊﻗﻮﺘ ﻂﺳﻮﺘﳌﺍ ﻪﻧﻮﻛ ﻦﻋ ﺢﺟﺮﳌﺍ ﺕﺍﺪﺋﺎﻌﻠﻟ ﻥﺍﺯﻭﻷﺎﺑ ﻝﺎﻤﺘﺣﺍ ﻞﻛ ﻞﻇ ﰲ ﺔﻌﻗﻮﺘﳌﺍ . ﻊﻳﺯﻮﺘﻟﺍ ﺓﺮﻜﻓ ﻡﺍﺪﺨﺘﺳﺎﺑ ﺎﻣ ﺭﺎﻤﺜﺘﺳﺍ ﻦﻣ ﻊﻗﻮﺘﳌﺍ ﺪﺋﺎﻌﻟﺍ ﺏﺎﺴﺣ ﺔﻴﻔﻴﻛ ﺔﻴﻟﺎﺘﻟﺍ ﺔﻟﺩﺎﻌﳌﺍ ﺢﺿﻮﺗﻭ ﻪﻴﻟﺇ ﺭﺎﺸﳌﺍ ﱄﺎﻤﺘﺣﻻﺍ . ﺖﻧﺎﻛ ﺍﺫﺈﻓ : ﻕ ) ﻡ : ( ﺪﺋﺎﻌﻠﻟ ﺔﻌﻗﻮﺘﳌﺍ ﺔﻤﻴﻘﻟﺍ ﻞﺜﲤ ﻥ : ﺕﻻﺎﻤﺘﺣﻻﺍ ﺩﺪﻋ ﻞﺜﲤ ﺡ ﺱ : ﺱ ﻝﺎﻤﺘﺣﻻﺍ ﻥﺯﻭ ﻞﺜﲤ ﻡ : ﻮﺘﳌﺍ ﺪﺋﺎﻌﻟﺍ ﻞﺜﲤ ﻗ ﻊ ﺱ ﻝﺎﻤﺘﺣﻻﺍ ﻞﻇ ﰲ ﻥﺈﻓ : • ] ﻱﺪﻨﻫ ﺃ، 1999 ، ﺹ . 238 .[ ﻝﺎﺜﻣ : ﱄﺎﺘﻟﺍ ﺪﺋﺎﻌﻠﻟ ﱄﺎﻤﺘﺣﻻﺍ ﻊﻳﺯﻮﺘﻟﺍ ﺎﻨﻳﺪﻟ ﻥﺎﻛ ﺍﺫﺇ : ﻢﻗﺭ ﻝﻭﺪﺟ 1 ﺪﺋﺎﻌﻠﻟ ﱄﺎﻤﺘﺣﺍ ﻊﻳﺯﻮﺘﻟ ﻝﺎﺜﻣ ﻑﻭﺮﻈﻟﺍ ﺔﻠﻤﺘﶈﺍ ﻝﺎﻤﺘﺣﻻﺍ ﺪﺋﺎﻌﻟﺍ 1 0 ,20 % 30 2 0 ,60 % 10 3 0 ,20 % 10 -ﺭﺪﺼﳌﺍ : ﻱﺪﻨﻫ ﺃ ، 1999 ، ﺹ . 238 ﻩﻼﻋﺃ ﻝﻭﺪﳉﺍ ﰲ ﻪﺗﺎﻧﺎﻴﺑ ﺮﻬﻈﺗ ﻱﺬﻟﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺪﺋﺎﻌﻟ ﺔﻌﻗﻮﺘﳌﺍ ﺔﻤﻴﻘﻟﺍ ﺏﺎﺴﲝ ﺎﻨﻤﻗ ﺎﻣ ﺍﺫﺈﻓ ﻱﻭﺎﺴﺗ ﺎﺃ ﺢﻀﺘﻴﺳ % 10 . ﻕ )ﻡ ( ) = 0 ,30 x 0,20 ) + ( 0 ,10 x 0,60 ) + ( 0 ,10-) x 0,20 ( = 0 ,06 + 0 ,06 -% 10 = 0,10 = 0,02 ﻟﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻦﻣ ﻊﻗﻮﺘﳌﺍ ﺪﺋﺎﻌﻟﺍ ﺮﻳﺪﻘﺗ ﻦﻋ ﺍﺬﻫ ﺭﺍﺮﻘﻠﻟ ﲔﻴﺴﻴﺋﺭ ﻦﻳﲑﻐﻣ ﺪﺣﺃ ﻮﻫ ﻱﺬ ﻱﺭﺎﻤﺜﺘﺳﻻﺍ . ﻨﻧ ﺪﻌﺑ ﻞﻘﺘ ﻩ ﳌﺍ ﱃﺇ ﺘ ﺮﻃﺎﺨﳌﺍ ﻡﻮﻬﻔﻣ ﲔﺑ ﺔﻗﺮﻔﺘﻟﺎﺑ ﺃﺪﺒﻧ ﻥﺃ ﻰﻠﻋ ،ﺮﻃﺎﺨﳌﺍ ﻮﻫﻭ ﺮﺧﻵﺍ ﲑﻐ ﺪﻛﺄﺘﻟﺍ ﻡﺪﻋ ﻡﻮﻬﻔﻣﻭ . ﻕ )ﻡ ( = ﻣ ﻡ ﺞ ﺱ . ﺡ ﺱ ﻥ ﺱ = 1
ﺏ ـ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺮﻃﺎﳐ : ﺏ ـ 1 ـ ﺪﻛﺄﺘﻟﺍ ﻡﺪﻋﻭ ﺮﻃﺎﺨﳌﺍ : ﺎﺃ ﻰﻠﻋ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺮﻃﺎﳐ ﻑﺮﻌﺗ " : ﻖﻘﲢ ﻦﻣ ﺪﻛﺄﺘﻟﺍ ﻡﺪﻋ ﺪﺋﺎﻌﻟﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﺀﺍﺭﻭ ﻦﻣ ﻊﻗﻮﺘﳌﺍ ". ] ،ﻞﻤﳉﺍ 2002 ، ﺹ . 231 .[ ﺎﻀﻳﺃ ﻑﺮﻌﺗﻭ ﺎﺃ ﻰﻠﻋ " : ﻣ ﻦﻣ ﺪﻛﺄﺘﻟﺍ ﻡﺪﻌﻟ ﻑﺩﺍﺮﻣ ﻡﺪﻋ ﻼﺜﻣ ﻙﺎﻨﻬﻓ ،ﺙﻭﺪﳊﺍ ﻝﺎﻤﺘﺣﺍ ﺔﻓﺮﻌ ﺪﺋﺎﻌﻟﺍ ﻖﻴﻘﲢ ﻦﻣ ﺎﻣ ﻞﺻﺃ ﻭﺃ ﺎﻣ ﻉﻭﺮﺸﻣ ﰲ ﺮﻤﺜﺘﺴﳌﺍ ﺪﻛﺄﺗ ﻡﺪﻋﻭ ،ﺽﺮﻘﻟﺍ ﺩﺍﺩﺮﺘﺳﺍ ﻦﻣ ﺽﺮﻘﳌﺍ ﺪﻛﺄﺗ ﲔﻌﻣ ﻯﻮﺘﺴﻣ ﻰﻠﻋ ﻪﺗﺎﺒﺛ ﻦﻣ ﻭﺃ ﻪﻤﺠﺣ ﻦﻣ ﻭﺃ . ".. ] ،ﻥﺎﻀﻣﺭ 1998 ، ﺹ . 22 .[ ﺎﺃ ﻰﻠﻋ ﺎﻀﻳﺃ ﻑﺮﻌﺗﻭ " : ﺪﺋﺎﻌﻟﺍ ﺐﻠﻘﺗ ﻯﺪﳌ ﱯﺴﻧ ﺱﺎﻴﻘﻣ ) ﺔﻳﺪﻘﻨﻟﺍ ﺕﺎﻘﻓﺪﺘﻟﺍ ( ﻢﺘﻴﺳ ﻱﺬﻟﺍ ﻼﺒﻘﺘﺴﻣ ﻪﻴﻠﻋ ﻝﻮﺼﳊﺍ ] . ﻱﺪﻨﻫ ﺃ ، 1999 ، ﺹ . 240 .[ ﻔﻳﺮﻌﺘﻟﺍ ﲑﺸﻳ ﺎ ﺫﺇ ،ﺪﻛﺄﺘﻟﺍ ﻡﺪﻋ ﻡﻮﻬﻔﻣﻭ ﺮﻃﺎﺨﳌﺍ ﻡﻮﻬﻔﻣ ﲔﺑ ﻂﻠﺧ ﺩﻮﺟﻭ ﱃﺇ ﱐﺎﺜﻟﺍﻭ ﻝﻭﻷﺍ ﻥ ﲔﺣﻼﻄﺻﻻﺍ ﻡﺪﺨﺘﺴﻳ ﺎﻣ ﺓﺩﺎﻋ ﺪﺣﺍﻭ ﺎﺌﻴﺷ ﻥﺎﻴﻨﻌﻴﻟ . ﻯﺪﻣ ﰲ ﻞﺜﻤﺘﻳ ،ﺎﻤﻬﻨﻴﺑ ﻕﺮﻓ ﺪﺟﻮﻳ ﲔﺣ ﰲ ﻱﺪﻘﻨﻟﺍ ﻖﻓﺪﺘﻟﺍ ﻖﻘﲢ ﺕﻻﺎﻤﺘﺣﺎﺑ ﺭﺍﺮﻘﻟﺍ ﺬﺨﺘﻣ ﺔﻓﺮﻌﻣ . ﻊﺿﻭ ﻰﻠﻋ ﻩﺪﻋﺎﺴﺗ ﺔﻴﻓﺎﻛ ﺔﻴﳜﺭﺎﺗ ﺕﺎﻣﻮﻠﻌﻣ ﺭﺍﺮﻘﻟﺍ ﺬﺨﺘﳌ ﻪﻴﻓ ﺮﻓﻮﺘﻳ ﺎﻣ ﺎﻔﻗﻮﻣ ﻒﺼﺗ ﺮﻃﺎﺨﳌﺎﻓ ﺕﻻﺎﻤﺘﺣﺍ ) ﱄﺎﻤﺘﺣﺍ ﻊﻳﺯﻮﺗ ( ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺔﻳﺪﻘﻨﻟﺍ ﺕﺎﻘﻓﺪﺘﻟﺍ ﻥﺄﺸﺑ ﺓﺩﺪﻌﺘﻣ . ﺜﻤﻓ ﱄﺎﳌﺍ ﺮﻳﺪﳌﺍ ﻊﻀﻳ ﺪﻗ ﻼ ﻌﻗﻮﺘﳌﺍ ﺔﻳﺪﻘﻨﻟﺍ ﺕﺎﻘﻓﺪﺘﻠﻟ ﻩﺭﻮﺼﺗ ﺔ ﻰﻠﻋ ﻚﻟﺫﻭ ،ﱄﺎﻤﺘﺣﺍ ﻊﻳﺯﻮﺗ ﺓﺭﻮﺻ ﰲ ﺎﻣ ﻱﺭﺎﻤﺜﺘﺳﺍ ﺡﺍﺮﺘﻗﻻﺍ ﱄﺎﺘﻟﺍ ﻮﺤﻨﻟﺍ : 1 ـ ﻩﺭﺪﻗ ﻝﺎﻤﺘﺣﺍ %20 ﻊﻠﺒﻳ ﻱﻮﻨﺳ ﻱﺪﻘﻧ ﻖﻓﺪﺗ ﻱﺭﺎﻤﺜﺘﺳﻻﺍ ﺡﺍﺮﺘﻗﻻﺍ ﻦﻋ ﺪﻟﻮﺘﻳ ﻥﺄﺑ 5000 ﺝﺩ . 2 ـ ﻩﺭﺪﻗ ﻝﺎﻤﺘﺣﺍ %50 ﺘﺳﻻﺍ ﺡﺍﺮﺘﻗﻻﺍ ﻦﻋ ﺪﻟﻮﺘﻳ ﻥﺄﺑ ﻊﻠﺒﻳ ﻱﻮﻨﺳ ﻱﺪﻘﻧ ﻖﻓﺪﺗ ﻱﺭﺎﻤﺜ 1000 ﺝﺩ . 3 ـ ﻩﺭﺪﻗ ﻝﺎﻤﺘﺣﺍ %30 ﻊﻠﺒﻳ ﻱﻮﻨﺳ ﻱﺪﻘﻧ ﻖﻓﺪﺗ ﻱﺭﺎﻤﺜﺘﺳﻻﺍ ﺡﺍﺮﺘﻗﻻﺍ ﻦﻋ ﺪﻟﻮﺘﻳ ﻥﺄﺑ 15000 ﺝﺩ . ﺢﻴﺤﺼﻟﺍ ﺪﺣﺍﻮﻟﺍ ﱄﺎﻤﺘﺣﻻﺍ ﻊﻳﺯﻮﺘﻟﺍ ﻉﻮﻤﳎ ﻱﻭﺎﺴﻳ ﻥﺃ ﻱﺭﻭﺮﻀﻟﺍ ﻦﻣﻭ . ﻦﻋ ﻪﻠﻴﻜﺸﺗ ﰎ ﺚﻴﺣ ،ﻲﻋﻮﺿﻮﳌﺍ ﱄﺎﻤﺘﺣﻻﺍ ﻊﻳﺯﻮﺘﻟﺎﺑ ﻊﻳﺯﻮﺘﻟﺍ ﻦﻣ ﻉﻮﻨﻟﺍ ﺍﺬﻫ ﻰﻠﻋ ﻖﻠﻄﻳﻭ ﺔﻴﻋﻮﺿﻮﳌﺍ ﺔﻴﳜﺭﺎﺘﻟﺍ ﺕﺎﻧﺎﺒﻴﻟﺍ ﺱﺎﻴﻗ ﻖﻳﺮﻃ . ] ﲪ ،ﺩﺎ 2002 ، ﺹ . 261 .[ ﺎﻬﻴﻠﻋ ﺩﺎﻤﺘﻋﻼﻟ ﺔﻴﳜﺭﺎﺗ ﺕﺎﻣﻮﻠﻌﻣ ﺭﺍﺮﻘﻟﺍ ﺬﺨﺘﳌ ﻪﻴﻓ ﺮﻓﺍﻮﺘﻳ ﻻ ﺎﻔﻗﻮﻣ ﻒﺼﻳ ﻪﻧﺈﻓ ،ﺪﻛﺄﺘﻟﺍ ﻡﺪﻋ ﺎﻣﺃ ﺔﻴﻠﺒﻘﺘﺴﳌﺍ ﺔﻳﺪﻘﻨﻟﺍ ﺕﺎﻘﻓﺪﺘﻠﻟ ﱄﺎﻤﺘﺣﺍ ﻊﻳﺯﻮﺗ ﻊﺿﻭ ﰲ . ﺔﻟﻮﻘﻌﻣ ﺕﺎﻨﻴﻤﲣ ﻊﻀﻳ ﻥﺃ ﻪﻴﻠﻋ ﰒ ﻦﻣﻭ ﻜﻳ ﻥﺃ ﻦﻜﳝ ﱵﻟﺍ ﺓﺭﻮﺼﻠﻟ ﱄﺎﻤﺘﺣﻻﺍ ﻊﻳﺯﻮﺘﻟﺍ ﺎﻬﻴﻠﻋ ﻥﻮ . ﺔﻤﺋﺎﻗ ﱄﺎﻤﺘﺣﻻﺍ ﻊﻳﺯﻮﺘﻟﺍ ﺕﺍﺮﻳﺪﻘﺗ ﺖﻧﺎﻛ ﺎﳌﻭ ﺭﺍﺮﻘﻟﺍ ﺬﺨﺘﻣ ﺕﺎﻨﻴﻤﲣ ﻰﻠﻋ ، ﻲﺼﺨﺸﻟﺍ ﱄﺎﻤﺘﺣﻻﺍ ﻊﻳﺯﻮﺘﻟﺍ ﺎﻬﻴﻠﻋ ﻖﻠﻄﻳ ﻪﻧﺈﻓ . ﺡﺍﺮﺘﻗﻻﺍ ﻥﺎﻛ ﺍﺫﺈﻓ
